This announcement follows Penn Entertainment’s previous purchase of 36% of Barstool Sports’ shares back in 2020. The remaining 64% of the firm’s stocks cost around 388 million dollars.
This deal is a major accomplishment for both companies. Penn Entertainment will be able to utilize Barstool’s knowledge and resources to the fullest to expand its omnichannel wagering offerings, while the latter will continue experiencing the rapid growth it has seen since Penn’s previous partial investment.
We are delighted to have Barstool Sports join us fully. They are a tried and tested media brand that delivers top-quality content to their massive customer base, which will provide us with plenty of opportunities to expand our interactive wagering operations. Moreover, we will be able to utilize our in-house technologies to boost the Barstool Sportsbook brand, which will enhance its offerings and allow us to grow together.
remarked the Chief Executive Officer and President of Penn Entertainment, Jay Snowden.
Our brand has experienced rapid growth over the past few years, and I am grateful for our team who made it possible for Barstool to reach where it is now. We look forward to the future as part of the Penn Entertainment family.
commented the Founder of Barstool Sports, Dave Portnoy.
This acquisition is quite a significant milestone for our company, and we are excited about what it can bring in the future. We are eager to utilize Penn Entertainment’s resources and knowledge to enhance our offerings and expand our immense audience.
stated the Chief Executive Officer of Barstool Sports, Erika Ayers.