Did Penn buy Barstool?

Penn initially took a 36% stake in Barstool for $163 million back in 2019. Earlier this year, the company spent another $388 million to buy the remaining interest in Barstool. Penn said in a filing on Wednesday it expects to lose up to $850 million on the investment.

Is Barstool a good brand?

“Barstool is a proven, powerful media brand with an authentic voice and vast, loyal audience that provides us with a strong top of funnel for new customer acquisition and organic cross-selling opportunities across our growing interactive division,” Penn Entertainment Inc. CEO Jay Snowden said in a statement on Friday.

Did Portnoy buy Barstool Sports?

Portnoy bought the company stock back from Penn Entertainment after a deal initiated in 2020. Penn finalized its acquisition of Barstool Sports this year in a deal worth $551 million. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. By clicking “Sign Up”, you accept our and .