Penn Entertainment could put Barstool Sports up for sale
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By: Mercy Dayil
- March 2, 2023
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There has been speculation that Penn Entertainment may eventually put Barstool Sports up for sale if a big enough gap opens between what was paid for the sports brand and what is offered for it.
Back in February 2020, the well-known North American operator and provider of integrated entertainment, casino, and sports experiences acquired a 36% stake in Barstool Sports, a top digital media and sports website, for $163 million.
Last month, Penn bought the remaining 64% of the sports media property for $364 million. This brings the total purchase price to $527 million, which is considered to be a significant discount compared to the expected market value of founder Dave Portnoy’s firm.
During the announcement, the CEO and president of Penn Entertainment, Jay Snowden, expressed his enthusiasm for Barstool Sports joining the “Penn Entertainment family.” He emphasised the trust and reliability of the sports website and digital media within the sports vertical.
Snowden also recognised the acquisition’s potential for new growth opportunities for Penn and how it complements the company’s interactive division.
In a recent interview with John Wall Street, Lloyd Danzig, the managing partner of Sharp Alpha Advisors, said the acquisition of Barstool Sports is expected to bring benefits for Penn Entertainment.
During the interview, Danzig explained that Penn Entertainment paid approximately $525 million for Barstool Sports’ complete interest. Given that Barstool Sports was estimated to be worth between $800 million and $1 billion, the Danzig and industry analysts said this was a favourable deal for Penn Entertainment.
However, recent reports suggest that reselling the sports media property may yield even greater value for the company’s stakeholders.
Barstool Sports, which includes the sports betting site Barstool Sportsbook, is a hot commodity in US sports betting because it has a predominantly young audience.
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