Penn National completed the acquisition of 36% stake in Barstool Sports from Chernin Group for $163m.

Penn National, which owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations, completed the acquisition of a 36% stake in Barstool Sports, which sells sports products online, from Chernin Group, a media and investment company, for $163m. "Our two teams have hit the ground running and are working on plans to roll out the Barstool Sportsbook brand through both our retail sportsbooks and our interactive products. Penn National shares the excitement of Dave Portnoy, Erika Nardini and the entire team at Barstool Sports and looks forward to creating what will be the industry’s best-in-class omnichannel provider of retail and online gaming and sports betting entertainment,” Jay Snowden, Penn National President and CEO.