Does Penn own Barstool Sports & icasino?

Penn and Barstool Sports first announced an exclusive sports betting and iCasino partnership in early 2020. Penn took a 36% stake of Barstool Sports in February 2020 for approximately $163 million, comprised of about $135 million in cash and $28 million in non-voting convertible preferred stock.

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.

What happened between Penn Entertainment & Barstool Sports?

Penn Entertainment, a casino-and-sports-gaming company, finalized its acquisition of Barstool earlier this year in a $551 million deal after acquiring a minority stake in the sports blog in 2020 for $163 million. "Penn Entertainment and Barstool Sports have gone our separate ways," Portnoy said in a video posted to X, formerly Twitter, on Tuesday.