Wow
Think if therx HAD played its cards right
https://www.vox.com/recode/2020/1/2...ports-penn-national-deal-dave-portnoy-chernin
[FONT="][h=1]A casino company is buying Barstool Sports in a $450 million deal[/h]Penn National Gaming is buying the online publisher — which can thank sports betting and the Supreme Court for the deal.
- By Peter Kafka
- on <time class="updated" datetime="2020-01-29T01:37:21-05:00" style="box-sizing: border-box;">January 29, 2020 1:37 am</time>
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[FONT="]Barstool Sports founder Dave Portnoy in 2018.
Adam Glanzman/Getty Images
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[FONT="]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.
The deal values Barstool, which has its roots as a rowdy Boston sports blog founded in 2003, at an eye-popping $450 million.
Earlier 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.
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. Three years later, the casino company will pay another $62 million to bring its stake to 50 percent, with the ability to buy controlling ownership for an amount to be determined at the time.
Here’s the official announcement, along with a very Barstool-like announcement, where Barstool founder Dave Portnoy tells his fans that they should buy Penn National’s stock, followed by a long legal disclaimer explaining that Portnoy doesn’t represent the views of Penn National and that his advice to buy Penn National stock shouldn’t be interpreted as financial advice:
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