Three years later, the casino company will pay another $62 million to bring its stake to 50 percent, with the ability to buy controlling ownership for an amount to be determined at the time. The Wall Street Journal has been briefed on the details, which are scheduled to be formally released Wednesday morning: Penn National will first buy a 36 percent stake in Barstool for $163 million in cash and stock - valuing the company at $450 million. The deal values Barstool, which has its roots as a rowdy Boston sports blog founded in 2003, at an eye-popping $450 million.Įarlier this month, I reported for Recode that the Chernin Group, which bought a majority stake in Barstool in 2016, was close to selling the company to Penn National. A media company has become a sports betting company: The owner of Barstool Sports has agreed to sell the popular and controversial digital sports publisher to Penn National Gaming, a regional gambling operator.
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