Casino company Penn National Gaming has acquired a stake in Barstool Sports – a deal that values the online sports publisher at $450M. Penn National Gaming is to acquire a 36% stake in Barstool, wh…
Penn National Gaming is to acquire a 36% stake in Barstool, which started as a Boston sports blog before moving heavily into video and podcasts, for $163M. It will then pay another $62M in three years, bringing its stake to 50% with the ability to buy controlling ownership for an amount to be determined at the time.
Following the close of the transaction, The Chernin Group, which previously owned approximately 60% of Barstool Sports, will own 36% of Barstool Sports, and the remaining 28% will be held by Barstool Sports’ employees including founder Dave Portnoy and CEO Erika Nardini.
Jay Snowden, President and Chief Executive Officer of Penn National, added, “With its leading digital content, well-known brand and deep roots in sports betting, Barstool Sports is the ideal partner for Penn National and will enable us to attract a new, younger demographic, which will nicely complement our existing customer database.
Mike Kerns, Partner at The Chernin Group, said, “We’re excited to partner with Penn National on Barstool Sports’ next chapter. We have long believed in the power of Barstool Sports’ unique brand, and with Erika’s leadership and Dave’s vision, the Company has realized remarkable growth over the last four years. We believe the marriage of the Barstool brand and passionate audience with Penn National’s gaming leadership will change the industry.
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