The sale of Barstool Sports to Penn Entertainment Inc. According to the sports and entertainment business, Penn spent around $388 million for the remaining share of Barstool Sports that it did not already control.
Early in 2020, Penn and Barstool Sports revealed their exclusive agreement for iCasino and sports betting. The original agreement provided Penn with a route to complete ownership of Barstool Sports. Dave Portnoy created Barstool in 2003 as a free sports and gambling newspaper. With more than 200 million followers, it is now a digital platform that covers sports, lifestyle, and entertainment.
The announcement of the Penn Entertainment-Barstool Sports deal sent shockwaves through the world of sports and entertainment. The transaction was closely watched by investors, fans, and industry pundits, as it not only highlighted the growing power of digital media but also showcased the convergence of sports and technology.
Sole Owner of The Business
Penn Entertainment, a casino operator and entertainment company, has officially finalised its previously mentioned acquisition of Barstool Sports and is the sole owner of the business. The 64% of Barstool that Penn claimed it did not already own cost $388 million, according to Penn.
With the Chernin Group as the previous owner, Penn Entertainment, then known as Penn National Gaming, paid $163 million for a 36% share in Barstool Sports in January 2020. In 2016, Barstool’s founder Dave Portnoy sold the company to Peter Chernin’s Chernin Group for a controlling stake.
Established in 2003 as a sports and gambling blog by Portnoy, Barstool has “grown into a significant digital player in sports, leisure and entertainment,” according to the firms.
200 Million Stoolies Worldwide
According to Barstool Sports, which has more than 200 million followers across all platforms, in the three years since Penn made his initial investment in the company, its audience has increased by 194%. In addition to operating a commerce company, Barstool produces and distributes more than 100 shows across podcasts, video, social media, live events, and pay-per-view.
Furthermore, Penn launched the Barstool Sportsbook online betting platform, which is currently operational in 15 states.
Penn Entertainment runs 43 casino and gaming properties in 20 states, as well as online sports betting in 16 jurisdictions and iCasino in five jurisdictions under a portfolio of brands including Hollywood Casino, L’Auberge, Barstool Sportsbook, and theScore Bet Sportsbook and Casino.
The acquisition of Barstool Sports by Penn National Gaming is a monumental step in the convergence of sports, entertainment, and digital media. This partnership promises a future filled with exciting opportunities, innovative content, and unforgettable experiences for fans and enthusiasts alike. As these two entertainment giants continue to merge their strengths, the world can expect an even more dynamic and engaging era in the world of sports, betting, and entertainment. Stay tuned for what promises to be a thrilling journey into the future of entertainment.
Barstool Sports has built a loyal and engaged audience through its unique blend of sports commentary, pop culture, and irreverent humour. This audience, combined with Penn Entertainment’s resources and expertise, creates a promising synergy that could drive significant revenue growth in the years to come.