PENN Entertainment to Own Barstool Sports Outright by Early 2023
As originally reported by Bloomberg’s Gerry Smith, casino operator PENN Entertainment will own all remaining shares of Barstool Sports by February 2023. Back in 2020, PENN (as Penn National Gaming) purchased 36% of the media company for $161.2 million. They are purchasing the remaining 64% for $387 million. Details of the filing came out Wednesday.
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.
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.
With Barstool Sports set to be owned outright, some fans are mourning the perceived end of the media company. These new developments may affect the creative control Barstool has become known for. They have been undergoing a lot of change recently, losing some big names in the process. Major personalities such as Jared Carrabis and Coley Mick have walked out the door for DraftKings and Underdog Fantasy, respectively. Early Barstool employee and Pardon My Take co-host Dan “Big Cat” Katz is planning to move to Chicago in the near future after being a main fixture of the New York office for many years. It remains to be seen what PENN Entertainment has planned following their full acquisition of Barstool, but there may be lots more change to come.
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