PENN Entertainment buying the remaining stake of Barstool Sports

PENN Entertainment Inc. /zigman2/quotes/209264611/composite PENN -2.66% said in a filing late Wednesday it is buying the remaining shares it doesn't yet own of media company Barstool Sports Inc., founded by David Portnoy. The Pennsylvania-based casino and racetrack operator has exercised call rights to bring its ownership of Barstool to 100%, PENN said in the filing . The acquisition of the remaining Barstool shares is expected to be completed by February, subject to certain conditions, after which Barstool will be a wholly owned subsidiary of PENN, the filing said. Shares of PENN National fell 0.8% in the extended session after ending the regular trading day down 3.2%.

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PENN Entertainment Inc.

US : U.S.: Nasdaq

$ 24.90

-0.68 -2.66%

Volume: 5.60M

Dec. 4, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$3.88 billion

Rev. per Employee

$299,570