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PENN Entertainment Pays $388M for Remaining Stake in Barstool Sports

PENN Entertainment Pays $388M for Remaining Stake in Barstool Sports

More than 20 years after David Portnoy founded Barstool Sports as a free gambling newspaper in Boston, MA the media and gambling company is now fully owned by PENN Entertainment.

After first buying a 36% stake in Barstool in January 2020, PENN, a casino operator and entertainment company led by CEO and President, Jay Snowden, has acquired the remaining 64% interest for approximately $388 million.

In 2020, PENN, then known as Penn National Gaming, paid $163 million for the 36% stake, comprised of about $135 million in cash and $28 million in non-voting convertible preferred stock, with previous owner the Chernin Group left with the same percentage stake.

Portnoy had sold majority control of Barstool to Peter Chernin’s Chernin Group in 2016. That initial agreement included a path for PENN to establish full control and ownership of Barstool.

Since its partial acquisition was first completed, PENN has seen its digital footprint and revenue soar. The Barstool audience has grown 194% since it joined with PENN, the company said, and boasts more than 200 million followers on its various platforms.

PENN owns 43 properties and is valued at approximately $5.03 billion. In addition to its long-term acquisition of Barstool, the company spent $2 billion to buy Score Media in 2021. TheScore is one of the top sports information sites in Canada. Its betting app is also available in Colorado, Indiana, Iowa and New Jersey.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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