PENN Entertainment and Barstool Sportsbook have officially ended their relationship.
Earlier today, PENN announced that it would be divesting from Barstool and rebranding as ESPN Bet, following a new agreement with ESPN.
This change will take effect in the fall in the 16 legalized betting states where PENN is licensed, as reported by CNBC.
Previously, PENN had acquired a 36% stake of Barstool Sportsbook in February 2020, and completed the acquisition of the remaining interest in Barstool in February 2021 for approximately $388 million.
However, today it was revealed that Barstool president Dave Portnoy has repurchased the stock he sold to PENN, reclaiming 100% ownership of Barstool Sports.
Portnoy confirmed this news on Twitter.
Emergency Press Conference – I Bought Back Barstool Sports pic.twitter.com/dmUk0eNowx
— Dave Portnoy (@stoolpresidente) August 8, 2023
At the moment, the reasons for the termination of the partnership and the party that initiated it remain unclear, but it’s obvious they needed to part ways with Barstool in order to move forward with the ESPN deal.
Woof. pic.twitter.com/vT8i4qVyDU
— Dan Shuftan (@DanShuftan) August 8, 2023
However, more information is likely to emerge in the coming days. Meanwhile, PENN is said to be benefiting from its new partnership with ESPN immediately in terms of its stock value.
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