Penn Entertainment, Inc. has completed its acquisition of full interest in Barstool Sports, Inc., adding to its existing 36% stake. The price was approximately $388 million.
Barstool Sports, which focuses on sports, lifestyle and entertainment, has over 200 million followers. It was founded in 2003 by by Dave Portnoy.
Penn Entertainment, a provider of entertainment and gaming experiences, formed a sports betting and iCasino partnership with Barstool Sports in January 2020 and acquired its minority stake a month later.
Since that investment, Barstool Sports has grown its audience by 194% and recorded 1.6 billion podcast downloads, Penn says. In addition, it has delivered over 875,000 videos across social media, driving 128 billion video views. It also has sold over 5 million units of merchandise, including apparel, licensed products and accessories.
“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,” states Jay Snowden. Penn Entertainment CEO and President.