Bloomberg reports that Penn Entertainment, a market-leading corporate entity in the casino and sports betting sector, will purchase the remaining shares of Barstool Sports that it does not currently control.

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Penn Entertainment Acquires the Barstool Remaining Share

The decision will provide the casino operator complete control over the sports and entertainment firm. Penn has exercised its call rights and will acquire the remaining shares of Barstool by February 2023. 

Penn decided to purchase a 36% share in Barstool for $161,2 million in 2020. Since then, the firm has established sportsbooks under the Barstool brand name, stating that the move has helped the business target a younger demographic.

Penn President and CEO Jay Snowden urged investors to be patient in February after Insider published stories exposing sexual misconduct allegations against Barstool Sports Founder Dave Portnoy and the company’s association with Barstool. Portman has refuted the charges. 

This month, the operator, formerly known as Penn National Gaming, announced $1.6 billion in revenue for the second quarter of 2022. The statistic indicated a 5% rise over the same time the previous year.

Highly Differentiated Strategies on Cross-Sell Opportunities

Snowden stated at the time the results were released that, over the past few years, Penn has transformed its business through a highly differentiated strategy focused on organic cross-sell opportunities, which their investments in retail casinos have bolstered, sports media assets, owned technology, including a state-of-the-art, fully integrated digital sports and online casino betting platform, and an in-house iCasino content studio.

With its new name, preserves connections to its heritage while more accurately representing its progress as North America’s top integrated entertainment, sports content, and casino gaming experiences provider.

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