PENN completes Barstool acquisition

PENN Entertainment has completed its acquisition of Barstool Sports after previously acquiring a 36 per cent stake in February 2020.

PENN has acquired the remaining interest in Barstool Sports for approximately $388m. The closing of the acquisition marks a major milestone for Barstool Sports as it celebrates its 20th anniversary.

Founded in 2003 as a free sports and gambling newspaper by Dave Portnoy, Barstool has evolved into a leading digital player in sports, lifestyle and entertainment.

With over 200 million loyal followers, the company creates and delivers sports and comedic content through its extensive network of over 100 shows and 90 personalities.

Its content offerings span podcasts, video, social media, live events, pay-per-view and a growing commerce business, solidifying its position as a multimedia powerhouse.

Since partnering with Barstool Sports in 2020, PENN has successfully developed an omnichannel strategy that leverages Barstool’s well-known brand and personalities.

Barstool Sportsbook has grown to become a leading online betting platform currently live in 15 states, with PENN also having launched retail branded Barstool Sportsbooks at its properties across the country.

PENN and Barstool Sports will continue to innovate and collaborate, including across Barstool’s sports bar footprint, to deliver compelling integrated gaming and entertainment experiences.