penn national gaming buys barstool sports

The site says it has about 66 million monthly unique visitors and generated nearly $100 million in revenue last year. The remaining 28 percent stake will be held by Barstool Sports employees, including Portnoy and CEO Erika Nardini.įounded in 2003, Barstool has garnered a reputation for unfiltered sports blogging popular with millennials and Gen X-ers. Penn National will increase its Barstool share to about 50 percent after three years for another roughly $62 million, and both companies will have options to give Penn controlling ownership of Barstool, according to a news release.īarstool’s current majority owner, The Chernin Group, will own 36 percent of the site after the close of the deal, which is expected in the first quarter of this year, the release says. Check out the best sports betting sites.“… I think with our shared vision and goals, we are uniquely positioned to be a leader in this business.”Ĭheck out the best sports betting sites and apps “This opportunity is a dream of mine and why I started Barstool Sports in the first place,” Barstool founder Dave Portnoy said in a statement. The company will also have exclusive rights to slap Barstool’s brand on its online and retail sports betting products.

Penn National will pay $163 million for a 36 percent stake in Barstool in the deal valuing the website at about $450 million, the gaming firm said. Gambling company Penn National Gaming will buy about a third of Barstool Sports in a deal that will bring the brash but beloved blog into the sports betting arena, the companies announced Wednesday.

Penn national gaming buys barstool sports