Penn National Gaming rebranded to Penn Entertainment this month. The company purchased 36% of Barstool Sports common stock in February 2020.
On Wednesday, the company made another big announced in a filing with the United States Securities and Exchange Commission.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.
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.Note to readers: if you purchase something through one of our affiliate links we may earn a commission.
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