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Penn Entertainment Concludes Purchase of Barstool Sports

Penn Entertainment Concludes Purchase of Barstool Sports

After three years, it’s finally time to toast the done deal for Penn Entertainment. The operator now has total ownership of Barstool Sports, a 20-year-old entertainment platform and sportsbook operator.

Penn, which bought its initial stake in February 2020, announced completion of the $388 million purchase on February 17.

“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,” said Penn CEO and President Jay Snowden in a statement.

Barstool helps create a massive digital footprint and ecosystem that will serve to propel Barstool Sportsbook, along with its media and gaming business.

Barstool Sports creates content distributed on podcasts, video, live events, pay-per-view and subscription.

Since Penn’s first investment in Barstool, the company has:

  • Grown its audience 194 percent and recorded total podcast downloads of 1.6 billion;
  • Delivered over 875,000 videos across social media channels totaling over 128 billion video views;
  • Increased ad sales by 160 percent; and,
  • Sold over 5 million units, including apparel, licensed products and accessories.

Penn was granted a license to operate the Barstool Sportsbook platform in Massachusetts in January. It operates a brick-and-mortar Barstool Sportsbook at the Plainridge Casino that was heavily scrutinized by the Massachusetts Gaming Commission before the license was approved.

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