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Penn Entertainment Announces Plans to Buy Barstool Sports

Berks County-based company Penn Entertainment has been in limelight for its announcements since it changed its name from Penn National Gaming to Penn Entertainment along with its business strategies.

Jay Snowden CEO of the casino firm Penn Entertainment revealed the plans for the purchase of Barstool Sports earlier this year mentioning the deal to be closed by February 2023. The company’s announcement of purchasing 100% shares of Barstool Sports confirms the acceleration of the plan.

The company had already purchased 36% of Barstool Sports common stocks in February 2020. It was offered $450 million by Penn Entertainment for the purchase of 100% of its ownership. Penn Entertainment having call rights has exercised them to bring its ownership of Barstool.

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