Casino gaming and sports betting company PENN Entertainment announced the completion of its previously announced acquisition of the remaining share of Barstool Sports for approximately $388 million.
The acquisition of the remaining interest in Barstool Sports completed the second stage of the acquisition of the sports media brand in which PENN acquired a 36% stake in February 2020.
Pleased to welcome Barstool Sports fully into the PENN family, PENN’s chief executive officer and president, Jay Snowden, outlined Barstool’s credentials which lured PENN into the acquisition.
Barstool is a proven, powerful media brand with an authentic voice and vast, loyal audience that provides us with a strong top of funnel for new customer acquisition and organic cross-selling opportunities across our growing interactive division.
Jay Snowden, CEO & President, PENN
He further highlighted that the combination “with theScore’s reach and highly engaged user base” would help propel the brand and PENN’s integrated media and gaming business by creating “a massive digital footprint and ecosystem.”
Another benefit for Barstool would be its migration to PENN’s proprietary technology stack as it would “significantly enhance the overall product offering and deliver meaningful upside,” Snowden concluded.
Partners since 2020
PENN Entertainment initially announced the acquisition of the remaining interest in Barstool Sports in August last year after several years of working together with the brand since the $163 million initial interest acquisition deal in 2020 which followed the exclusive sports betting and iCasino partnership agreed upon by the parties in January 2020.
The acquisition took place during times when the founded as a free sports and gambling newspaper brand by Dave Portnoy in 2003 celebrates its 20th anniversary – a period during which Barstool Sports has evolved into a major player on the digital scene, operating across sports, lifestyle and entertainment.
“Barstool Sports is bigger than ever and has become more than I ever dreamed of,” Portnoy commented, thankful to the Barstool team and everyone who has been along for the ride, looking forward to the brand’s next chapter with PENN.
Boasting a loyal fan base of over 200 million, Barstool Sports affirmed itself as a multimedia brand, creating over 100 sports and comedy shows and delivering content via span podcasts, video, social media, live events, pay-per-view, and its growing commerce business.
Also commenting on the announcement, Barstool Sports’ chief executive officer, Erika Ayers, underscored the huge moment that was made possible after a lot of effort had been put in by a lot of people, stressing Barstool’s objective of creating “relevant and entertaining content” for the fans, as well as delivering “strong results” for its partners.
“It’s exciting to have that vision recognized and to be able to put it to work inside of PENN,” Ayers added, paying tribute to “the best fan base on the planet” and eager to deliver more for the fans “with PENN’s support.”