PENN Entertainment, a company that specializes in casino gambling and sports betting, has completed its acquisition of the remaining stake in Barstool Sports for approximately $388 million. The acquisition follows PENN’s initial purchase of a 36% stake in Barstool Sports in February 2020.

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The Benefits of the Merger

Jay Snowden, the CEO, and president of PENN, talked about the qualities that made PENN want to buy the company. He stated that Barstool Sports is a tried-and-true, powerful media brand with an authentic voice and a devoted audience, which provides strong top-of-the-funnel customer acquisition and organic cross-selling opportunities across PENN’s growing interactive division.

Snowden believes that the merger will help grow both the Barstool brand and PENN’s integrated media and gaming businesses by creating “a vast digital footprint and ecosystem” through the use of “the Score’s reach” and having “a highly engaged user base.”

Snowden concluded that migrating Barstool Sports to PENN’s proprietary technology stack would substantially enhance the overall product offering and provide meaningful upside.

A Brief History of Barstool Sports

Barstool Sports started out in 2003 as a free newspaper about sports and gambling. Since then, it has grown into a major player in the digital world, with operations in sports, lifestyle, and entertainment.

Barstool Sports has established itself as a multimedia brand by producing over one hundred sports and comedy shows and delivering content through a variety of mediums, including podcasts, video, social media, live events, pay-per-view, and its rapidly expanding commerce business.

The company has a dedicated fan base of more than 200 million people and is celebrating its 20th anniversary.

Celebrating the Momentous Occasion

Erika Ayers, the chief executive officer of Barstool Sports, also commented on the announcement. She emphasized how much effort by many people had gone into making this historic moment possible.Ayers highlighted Barstool’s goal of producing “relevant and entertaining content” for its audience and delivering “strong results” for its business partners.

This acquisition represents a significant step forward for both Barstool Sports and PENN Entertainment, as they seek to expand their digital footprint and provide enhanced offerings to their audiences.

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