Penn Entertainment Inc., a provider of entertainment, sports content and casino gaming experiences, has acquired Barstool Sports Inc., a sports, lifestyle and entertainment media brand.
Founded in 2003 as a free sports and gambling newspaper by Dave Portnoy, Barstool creates sports and comedic content through its network of over 100 shows and more than 90 personalities, with over 200 million followers to date. Its content offerings include podcasts, video, social media, live events, pay-per-view and a commerce business. Penn previously acquired a 36 percent stake in Barstool Sports in February 2020. The company has acquired the remaining interest in Barstool Sports for approximately $388 million.
“Barstool is a proven, powerful media brand with an authentic voice and vast, loyal audience that provides us with a strong top of the funnel for new customer acquisition and organic cross-selling opportunities across our growing interactive division,” states Jay Snowden, Penn Entertainment CEO and president. “Barstool, combined with TheScore’s reach and highly engaged user base, creates a massive digital footprint and ecosystem that will serve to propel Barstool Sportsbook and our uniquely integrated media and gaming business. Further, the Barstool Sportsbook will greatly benefit from the upcoming migration to our proprietary technology stack, a move that will significantly enhance the overall product offering and deliver meaningful upside.”