Barstool Sports Selling Stake to Penn National Gaming
Editor Note: ‘Early Entrants’ is a series of sports business ‘rumblings’ before the news breaks.
Gaming industry insiders tells JohnWallStreet that Barstool Sports will announce a long-anticipated sale to a “big gaming operator” today. Penn National Gaming is believed to be taking a 36% stake in the controversial sports blog (Chernin Group will retain 36%, employees including founder Dave Portnoy would keep the remaining 28%). One source said that while the valuation did not clear the $500 million mark, it “is close.” Recode reported earlier this month that a deal was in the works.
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