Did Penn buy Barstool?

Penn initially took a 36% stake in Barstool for $163 million back in 2019. Earlier this year, the company spent another $388 million to buy the remaining interest in Barstool. Penn said in a filing on Wednesday it expects to lose up to $850 million on the investment.

Is Barstool a good brand?

“Barstool is a proven, powerful media brand with an authentic voice and vast, loyal audience that provides us with a strong top of funnel for new customer acquisition and organic cross-selling opportunities across our growing interactive division,” Penn Entertainment Inc. CEO Jay Snowden said in a statement on Friday.

Will Barstool Sports be rebranded as ESPN BET?

It said it will rebrand its Barstool Sportsbook app as ESPN Bet, which will be promoted across ESPN platforms. Penn said it is selling 100% of its stake in Barstool Sports back to Barstool founder Dave Portnoy. Penn will have the right to 50% of the gross proceeds received by Portnoy in any subsequent sale, the company said.