Casino and racetrack operator Penn Entertainment has moved to fully acquire Barstool Sports by buying up 66% of the sports and pop culture media company in a deal announced via an SEC filing Thursday.
In the SEC filing Penn said the purchase “is expected to be completed in February 2023, after which Barstool will be a wholly-owned subsidiary.”
The acquisition comes almost three years after the January 2020 deal in which Penn – at the time known as Penn National Gaming – acquired 36% of Barstool in a deal that included the option to buy the entire company outright.
The 2020 deal cost Penn $163 million; according to Bloomberg, Penn will pay a total of $387 million for the rest, split between two payments.
Penn raked in $1.6 billion in revenue during the first fiscal quarter of 2022.
