Penn Entertainment Inc. announced Wednesday that it has acquired 100% ownership of Barstool, exercising its claim to all outstanding shares of Barstool Sports Inc. that it does not already own.
The casino and online sports betting operator said the acquisition of the remaining Barstool shares is expected to close in February 2023, according to its securities report. Barstool then becomes his Penn subsidiary.
Penn acquired a 36% stake in Barstool two years ago. Dave Portnoy founded Barstool in 2003 as a gambling newspaper in Boston. Now online he produces content, podcasts and videos. Its popularity has grown in recent years, and it has developed a cult following among fans, many of whom are young, the company said.
Gambling regulators in Nevada and Indiana announced in March that they were investigating Barstool and Penn National following sexual misconduct allegations against Portnoy, an idea he denied.
Penn chief executive Jay Snowden said in March that the company stands by Portnoy and believes Barstool’s media appeal is key to the company’s future in sports betting and digital media. rice field.
Write to Denny Jacob at [email protected].
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This article was amended at 6:55 PM ET US to reflect that Penn Entertainment Inc. is a casino and online sports betting operator. The original article said it was an esports company.
Penn Entertainment, which operates casinos and online sports betting, said the acquisition of the remaining stake in Barstool is expected to close in February 2023, according to its securities report. “Penn Entertainment Increases Barstool Sports Stake To His 100% Ownership” 5:06 p.m. EDT EDT misidentified Penn as an esports company.