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Penn National Gaming acquires stake in Barstool Sports for $163m

29th January 2020 1:38 pm GMT

US racing and gaming operator Penn National Gaming has acquired a 36 per cent stake in New York-based sports and pop culture blog Barstool Sports for $163m.

The initial investment comprises approximately $135m in cash and $28m in shares of non-voting convertible preferred stock.

As part of the agreement, Penn National will become Barstool Sports’ exclusive gaming partner for up to 40 years, including the sole right to utilize the Barstool Sports brand for online and retail sports betting, as well as [...]

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