Penn Entertainment Inc. (formerly Penn National Gaming) has agreed a deal to acquire the remaining shares in Barstool that it does not yet own giving the company complete control of the sports betting and media company.
In a filing released yesterday, Penn stated that it has exercised its call rights to purchase the remaining Barstool shares by February of 2023.
Penn agreed to buy a 36% stake in Barstool for a reported $161.2 million (€158.4 million) back in 2020. The terms of that deal allowed Penn to increase its holding in the company to 50% for an additional $62 million (€60.9 million). The new deal will see the company pay $387 million (€380 million) for the remaining shares.
In the filing the company stated:
“As previously disclosed, PENN Entertainment, Inc. (“PENN” or the “Company”) has call rights with respect to all of the outstanding shares of common stock of Barstool Sports, Inc. (“Barstool”) not already owned by PENN. PENN has exercised these call rights to bring its ownership of Barstool to 100%,”
Penn CEO Jay Snowden previously said that the company had plans to take full ownership of Barstool Sports in early 2023 but that no moves would be made in 2022. However, today’s announcement means that this is now ahead of schedule.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.