![]() ![]() The Wall Street Journal has been briefed on the details, which are scheduled to be formally released Wednesday morning: Penn National will first buy a 36 percent stake in Barstool for $163 million in cash and stock - valuing the company at $450 million. The deal values Barstool, which has its roots as a rowdy Boston sports blog founded in 2003, at an eye-popping $450 million.Įarlier this month, I reported for Recode that the Chernin Group, which bought a majority stake in Barstool in 2016, was close to selling the company to Penn National. ![]() A media company has become a sports betting company: The owner of Barstool Sports has agreed to sell the popular and controversial digital sports publisher to Penn National Gaming, a regional gambling operator. ![]()
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