Barstool Sports is acquired by Penn Entertainment

FILE - Barstool Sports founder David Portnoy, attends an NCAA college basketball game Saturday, Jan. 22, 2022, in Coral Gables, Fla. On Friday, Feb. 17, 2023, Penn Entertainment Inc. announced it has closed on its acquisition of Barstool Sports. Penn paid about $388 million for the remaining stake in Barstool that it doesnt already own. (AP Photo/Lynne Sladky, File) (Lynne Sladky, Copyright 2022 The Associated Press. All rights reserved.)

Barstool Sports has been sold to Penn Entertainment Inc.

Penn paid about $388 million for the remaining stake in Barstool Sports that it doesn't already own, the sports and entertainment company said Friday.

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Penn and Barstool Sports first announced an exclusive sports betting and iCasino partnership in early 2020. Penn took a 36% stake of Barstool Sports in February 2020 for approximately $163 million, comprised of about $135 million in cash and $28 million in non-voting convertible preferred stock.

The initial deal included a path for Penn to gain full ownership of Barstool Sports.

Barstool was founded in 2003 by Dave Portnoy as a free sports and gambling newspaper. It is now a digital platform that covers sports, lifestyle, and entertainment with more than 200 million followers.

“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," Penn Entertainment Inc. CEO Jay Snowden said in a statement on Friday.

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