Penn Entertainment to buy 100% of Barstool Sports – PennLive

The new Barstool Sportsbook will be making its debut tonight, with a grand opening on March 12, and has a craps table and three blackjack tables inside Hollywood Casino in Grantville, Pa, Mar 10, 2022. Mark Pynes | pennlive.comMark Pynes | mpynes@pennlive.com
Berks County-based Penn National Gaming announced earlier this month that it had rebranded and changed its name to Penn Entertainment.
On Wednesday, the company made another big announced in a filing with the United States Securities and Exchange Commission.
Penn Entertainment said it plans to purchase the remaining shares of Barstool Sports Inc.
Penn Entertainment has “call rights” for all of the outstanding shares of common stock of Barstool Sports. The company said it has exercised the “call rights” to bring its ownership of Barstool to 100%. .
The acquisition of the remaining shares is expected to be completed in February, after which Barstool will be a wholly-owned subsidiary of Penn Entertainment.
Penn Entertainment, then Penn National Gaming, purchased 36% of Barstool Sports common stock in February 2020 for $161.2 million. In Penn Entertainment’s earning report on Aug. 4, terms of latest deal were outlined. Penn Entertainment said it would pay $62 million to push its ownership up to 50% of Barstool Sports and pay another $325 million on the second 50% of Barstool Sports common stock.
The most visible signs in the region of the the original agreement include Penn National Gaming’s opening of Barstool Sportsbook at Hollywood Casino at Penn Nation Race Course in East Hanover Township, at Hollywood Casino York in Springettsbury Township, York County and at Hollywood Casino Morgantown in Caernarvon Township, Berks County.
—Business Buzz
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