Barstool Sports to sell 36% stake to Penn National Gaming
Summary
The sale also represents a profitable partial exit from Barstool for Hollywood executive and investor Peter Chernin, who acquired a majority stake in the business in 2016. Jon Kaplowitz, head of Penn Interactive, said the company will be adding the Barstool name to as many as 20 casino sportsbooks in states that include Pennsylvania, Michigan and Illinois by the end of the year. The site has a daily feature with photos of a scantily clad woman called Smokeshow and in the past rated the attractiveness of teachers who were charged with having sex with their students. The company recently reached a settlement with the National Labor Relations Board to delete tweets in which Portnoy threatened to fire people who talked to union activists. Penn’s main brand, Hollywood Casino, doesn’t resonate with sports bettors, however, and Chief Executive Officer Jay Snowden said last year that he was looking for a media partner.