PENN Entertainment Completes Buyout of Barstool Sports

PENN Entertainment Completes Buyout of Barstool Sports

PENN Entertainment has completed their buyout of Barstool Sports in a move that has been anticipated since last August. Back in 2020, PENN (as Penn National Gaming) purchased 36% of the media company for $163 million. They are purchasing the remaining 64% for $388 million.

PENN CEO and President Jay Snowden released a statement that read in part:

“Today, we significantly bolstered our digital sports, gaming and entertainment portfolio with the closing of our acquisition of Barstool Sports. Barstool has been a great partner over the last three years and I’m thrilled to fully welcome the Barstool team into the PENN Entertainment family.”

The full statement is available below.

We are fully integrated and one family! pic.twitter.com/Lt6Jy0059V

— PENNEntertainment (@PENNEntertain) February 17, 2023

PENN’s original deal with Barstool resulted in the creation of the Barstool Sportsbook, a venture which expanded the brand’s influence.

For his remaining stake in the company, Barstool Sports founder Dave Portnoy will end up pocketing around $89 million. After starting Barstool in 2003 by passing out papers in the Boston subway, that’s not a bad payday at all. He released a statement, which said: “Barstool Sports is bigger than ever and has become more than I ever dreamed of. I’m very thankful to the Barstool team and Stoolies who have been along for the ride. I’m looking forward to this next chapter with Penn.”

PENN Entertainment’s latest acquisition continues their expansion after previously buying out Canadian media company theScore for $2 billion. They are looking to become a one-stop shop for sports gambling and entertainment.

Barstool’s Big Personalities Thank Fans for Support

Barstool’s pillar personalities put out tweets thanking fans for their support over the years. Portnoy, Dan “Big Cat” Katz, and Kevin “KFC” Clancy all had thanks to offer.

Been thinking all day about what to say about Penn/Barstool and all I can come up with is thank you. Thank you to everyone who has supported us, stood by us, and rode with us on this journey. Maybe it’s that simple but I mean it from the bottom of my heart, thank you.

— Big Cat (@BarstoolBigCat) February 18, 2023

I am gonna get around to writing a long blog about finally making it to this day, but might take me a little while. So in the meantime I just want to say thank you to all the people who reached out. Appreciate you all

— KFC (@KFCBarstool) February 17, 2023

Since the announcement, Portnoy has assured Barstool fans that the content will continue essentially unchanged.

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