Penn Entertainment to acquire remaining Barstool Sports shares

Penn Entertainment will acquire the remaining shares of Barstool Sports that it does not already own, as reported by Bloomberg

Penn Entertainment will gain the remaining shares of Barstool Sports that it does not already own, as reported past Bloomberg.

The decision will gift the gambling casino manipulator good curb of the sports and pop-culture company. William Penn has exercised phone call rights and testament complete the purchase of the remaining Barstool shares past Feb 2023.

Penn agreed to purchase a 36% stake inward Barstool for $161.2m in 2020, and since and then the aggroup has launched sportsbooks under the Barstool trademark name, explaining that the conclusion has helped the companionship touch a jr. audience.

But the association with Barstool has also been a controversial one, with Penn President and CEO Jay Snowden inwards February urging investors to follow patient after Insider published articles detailing sexual misconduct claims against Barstool Sports Founder Dave Portnoy. Portnoy has denied the allegations.

The operator, which changed its name from Penn National Gaming earlier this month, reported revenue of $1.6bn for the secondly billet of 2022. The fig represented a 5% step-up from the prior-year period.

Speaking at the time of the results beingness published, Snowden said: “Over the past tense few years, Penn has transformed our business organisation through a extremely differentiated strategy focused on organic cross-sell opportunities, which is reinforced by our investments in retail casinos, sports media assets, owned technology, including a state-of-the-art, fully integrated digital sports and online cassino betting platform, and an in-house iCasino content studio.

“Our young call maintains ties to our legacy spell amend reflecting our organic evolution into North America’s leading provider of integrated entertainment, sports cognitive content and casino gaming experiences.”