penn national gaming buys barstool sports

PENN divested ownership of Barstool Sports as part of the rebrand. PENN has reached a deal with ESPN to rebrand their sports betting app and sportsbooks as ESPN BET. The changing ownership of Barstool Sports comes because of another move made by PENN. Now, several months later, Portnoy has bought the company back. (Barstool Sports) for total consideration of approximately 163 million, comprised of approximately 135 million in cash and 28 million in non-voting. They chose to purchase Barstool in full, spending $388 million to buy the outstanding equity of the company at a $606 million valuation. (PENN: Nasdaq) (Penn National or the Company) today completed its previously announced acquisition of a 36 interest in Barstool Sports, Inc. Penn had the option in January 2023 to increase their ownership stake to 50 percent or to purchase the entire company.

Four years later, Chernin sold 36 percent of Barstool to PENN, a publicly-traded gambling/casino company, at a valuation of $450 million. But he sold a majority stake in the company to The Cherning Group in January 2016. Until 2016, Barstool Sports was privately owned by Portnoy. Portnoy founded Barstool Sports in 2003 as a printed newspaper. “I am never going to sell Barstool Sports ever.

He also said he won’t be selling the company again. Portnoy revealed that he still owns PENN stock. “The regulated industry, probably not the best place for Barstool Sports and the type of content we make,” Portnoy acknowledged. Portnoy said the partnership with PENN did not go quite as well as hoped because Barstool Sports and Portnoy proved to be somewhat problematic for regulators in the gambling industry. … For the first time in a decade, I own 100 percent of Barstool Sports,” Portnoy said. “Penn Entertainment and Barstool Sports have gone our separate ways. Emergency Press Conference – I Bought Back Barstool Sports /dmUk0eNowx

Penn national gaming buys barstool sports