Penn Entertainment has completed its acquisition of the highly successful sports media/sportsbook operator Barstool Sports late last week. The deal caps a three-year partnership that saw Barstool greatly extend its reach to the US betting public, while upping its value to Penn Penn Entertainment.
Barstool has been around since 2003 when it was founded by David Portnoy and has seen its audience and influence grow tremendously during that period. The company now boasts an audience of around 200 million who flock to the site for its sports and comedy content. Penn Entertainment acquired a stake in the company in 2020 for $163 million and paid $388 million last week to acquire Barstool’s remaining assets.
Since Penn Entertainment came into the picture, Barstool Sports has seen tremendous growth. That growth includes eye-popping statistics like growing Barstool Sports’ audience by 194 percent; increasing ad sales by 160 percent; and the sale of over 5 million pieces of Barstool Sports-branded apparel.
Speaking through a recent press release, Barstool Sports found David Portnoy reflected on the momentous occasion saying, “Barstool Sports is bigger than ever and has become more than I ever dreamed of. 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.”
PENN Entertainment CEO and President, Jay Snowden summed up the deal saying, “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. Barstool, combined with theScore’s reach and highly engaged user base, creates a massive digital footprint and ecosystem that will serve to propel Barstool Sportsbook and our uniquely integrated media and gaming business. Further, the Barstool Sportsbook will greatly benefit from the upcoming migration to our proprietary technology stack, a move that will significantly enhance the overall product offering and deliver meaningful upside.”