Barstool Sports is acquired by Penn Entertainment

Penn Entertainment Inc. has closed on its acquisition of Barstool Sports. Penn paid about $388 million for the remaining stake in Barstool that it doesn’t already own. Penn and Barstool Sports initially announced an exclusive sports betting and iCasino partnership in January 2020. Penn took a 36% stake of Barstool Sports in February 2020 for approximately $163 million, comprised of about $135 million in cash and $28 million in non-voting convertible preferred stock. The initial deal included a path for Penn to gain full control and ownership of Barstool Sports.