In a move that signifies deeper ties to sports betting for the digital media publication, Barstool Sports has a new investor.
Penn National Gaming, a regional operator of casinos and racetracks, intends to acquire a 36% interest stake in the site worth about $163 million in cash and convertible preferred stock, according to the two partners.
That stake will increase to 50% with an incremental investment of about $62 million after three years, in keeping with the site’s current valuation.
Under this new arrangement, Penn National will be Barstool’s exclusive gaming partner for up to 40 years and is entitled to use the Barstool Sports brand to promote online and retail sports betting as well as iCasino products.
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