In a filing released yesterday, Penn stated that it has exercised its call rights to purchase the remaining Barstool shares by February of 2023.
Penn agreed to buy a 36% stake in Barstool for a reported $161.2 million (€158.4 million) back in 2020. The terms of that deal allowed Penn to increase its holding in the company to 50% for an additional $62 million (€60.9 million). The new deal will see the company pay $387 million (€380 million) for the remaining shares.
Penn Entertainment To Acquire 100% of Barstool by 2023“As previously disclosed, PENN Entertainment, Inc. (“PENN” or the “Company”) has call rights with respect to all of the outstanding shares of common stock of Barstool Sports, Inc. (“Barstool”) not already owned by PENN. PENN has exercised these call rights to bring its ownership of Barstool to 100%,”
Penn CEO Jay Snowden previously said that the company had plans to take full ownership of Barstool Sports in early 2023 but that no moves would be made in 2022. However, today’s announcement means that this is now ahead of schedule.
