Penn National Gaming, Inc. (PENN) has completed its previously announced acquisition of Barstool Sports, Inc. after acquiring a 36% stake in the company in Q1 of 2020.

The initial deal came with efforts of PENN increasing its stake to 50% in 2023 and options for them to either buy more control, or full ownership based on the fair market value.

It was announced today that PENN took the full ownership route, paying a whopping $388 million to acquire the outstanding equity in Barstool. This closeout values Barstool Sports at $606 million.

“We are extremely pleased to welcome Barstool Sports fully into the PENN Entertainment family,” said PENN Entertainment CEO and President, Jay Snowden.

The popular sports and entertainment website has taken the world by storm since its inception in 2003.  The site began as a print publication, but soon shifted its focus to online content, quickly amassing a massive following.

Barstool Sports’ popularity skyrocketed over the years, thanks in no small part to its unapologetic style and no-holds-barred commentary on everything from sports to pop culture. The site has also become a major force in the world of sports betting, with its in-house bookmaker, Barstool Sportsbook, taking the industry by storm.

“Barstool Sports is bigger than ever and has become more than I ever dreamed of,” said Dave Portnoy, Founder of Barstool Sports. “I’m very thankful to the Barstool team and Stoolies who have been along for the ride. I’m looking forward to this next chapter with PENN.”

All eyes will be on Barstool Sports in the coming months as the company navigates this exciting new chapter in its history. One thing is certain – Barstool Sports will continue to be a major player in the world of sports media for years to come.

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