Penn Entertainment, a casino operator and entertainment company, has officially finalized its previously reported acquisition of Barstool Sports and is the sole owner of the business. The 64% of Barstool that Penn did not already own cost $388 million, according to Penn.
Penn’s Acquisition of Barstool Sports
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. In that original arrangement, Penn was given a clear route toward acquiring complete control and ownership of Barstool Sports.
As you may know, Barstool Casino MI is a modern online casino with a wide game selection and an excellent devoted community. Portnoy founded Barstool in 2003 as a sports and gambling blog. Since then, it has developed into a prominent digital player in entertainment, sports, and lifestyle. Barstool Sports and Portnoy have also been in the news due to its promotion in Massachusetts, and previous sexist and racist posts on the website.
Barstool Sports has been completely welcomed into the Penn Entertainment family, according to Penn Entertainment CEO and President Jay Snowden. Barstool, he continued, is a reputable, potent media brand with a genuine voice and a sizable, devoted following that gives the business a strong way for attracting new clients and creating organic cross-selling opportunities throughout its expanding interactive market.
Present and Future of Barstool Sports
Portnoy claimed that Barstool Sports is more successful than ever and has exceeded his wildest expectations. He is really appreciative of the Stoolies and the Barstool staff for coming along for the adventure. He is eager to begin this new chapter with Penn.
According to Barstool Sports, which has more than 200 million followers across all platforms, in the three years since Penn made its 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 live events, video, podcasts, social media, and pay-per-view. Furthermore, Penn established the Barstool Sportsbook online betting platform, which is presently operational in 15 states.
Erika Ayers, CEO of Barstool, stated that Dave’s and her vision for the company are actually very well matched in an episode of Variety’s “Strictly Business” podcast.
The way they have discussed sports betting, she continued, has been highly conversational, making it appear to be a natural, genuine, and integrated part of daily life.
Penn Entertainment runs 43 gaming and casino sites in 20 states, including brands like L’Auberge, Barstool Sportsbook, Hollywood Casino, and theScore Bet Sportsbook and Casino, as well as online sports betting in 16 states and iCasino in 5.