One of the fastest-growing brands in sports recently has been Barstool Sports. From a news website to a streaming service available on Roku, Fire TV, Apple TV, and more, Barstool Sports has gone head-to-head with some of the largest sports networks.
Today it was announced that Penn Entertainment Inc has closed on a deal to buy the remaining stake of Barstool Sports for about $388 million. Penn initially took a 36% stake for $163 back in 2020.
Barstool Sports has recently been expanding into streaming. Barstool Sports TV was the exclusive way to watch the Arizona Bowl between Wyoming and Ohio last December.
“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,” Penn Entertainment Inc. CEO Jay Snowden said in a statement.
Penn Entertainment Inc. operates 43 entertainment, sports content, and casino gaming properties in 20 states.