Barstool Sports announces sale to gambling firm Penn National Gaming
Gambling company Penn National Gaming will buy about a third of Barstool Sports ꧂in a deal that will bring the brash but beloved bl♓og into the sports betting arena, the companies announced Wednesday.
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. The company will also have exclusive rights to slap Barstool’s brand on its online and retail sports betting products.
“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. “… I think with our shared vision and goals, we are uniquely positioned to be a leader in this business.”
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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, accord🅰ing to a news release.
Barstool’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. The remaining 28 percent stake will be held by Barstool Sports employees, including Portnoy and CEO Erika Nardini.
Founded in 2003, Barstool has garnered a reputation for unfiltered sports blogging popular with millennials and Gen X-ers. The site says it has about 66 million monthly unique visitors and generated nearly $100 million in revenue last year. Penn National runs 💝41 gaming♓ facilities featuring more than 50,000 machines, 1,300 table games and 8,800 hotel rooms.