Penn National completed the acquisition of the remaining stake in Barstool Sports from Chernin Group for $388m.

Penn National, which owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations, completed the acquisition of the remaining stake in Barstool Sports, which sells sports products online, from Chernin Group, a media and investment company, from Chernin Group for $388m. “We are extremely pleased to welcome Barstool Sports fully into the PENN Entertainment family. 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. Barstool, combined with theScore’s reach and highly engaged user base, creates a massive digital footprint and ecosystem that will serve to propel Barstool Sportsbook and our uniquely integrated media and gaming business. Further, the Barstool Sportsbook will greatly benefit from the upcoming migration to our proprietary technology stack, a move that will significantly enhance the overall product offering and deliver meaningful upside,” Jay Snowden, PENN Entertainment CEO and President.