Penn Entertainment (the business formerly known as Penn National Gaming) has exercised its option to acquire all remaining shares in media brand Barstool Sports.
Penn takes 36% Investment in bar stools With $161.2 million in 2020, it has since rebranded its sportsbook product and branded it Barstool.
The operator would then increase Barstool’s stake to over 50% within three years and pay $62 million to acquire an additional 14% stake. Penn was also granted an immediately exercisable call right to acquire the remainder of the media business “based on a fair market value calculation.”
In February of this year, Penn revealed plans to exercise those options and take control of the entire bar stool business by early 2023.
