PENN Entertainment completes acquisition of remaining Barstool Sports stake for $388M

PENN Entertainment, Inc.

Acquired remaining 64% interest in Barstool Sports for ~$388M; issued 2.44M shares and used ~$315M cash.
Barstool wholly owned subsidiary of PENN; strengthens digital sports, gaming and entertainment portfolio.
Since 2020 initial investment, Barstool grew audience 194%, podcast downloads 1.6B, ad sales up 160%.
Barstool Sportsbook live in 15 states; migration to proprietary tech stack expected to enhance product.

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