Vox.com’s Recode is reporting that Barstool Sports is moving towards a sale to Penn National Gaming, which operates casinos. From Recode:
Barstool Sports, the high-profile, controversial, and fast-growing sports media company, may soon have a new owner: A low-profile casino operator.
Sources say The Chernin Group, which currently owns Barstool, is in advanced talks to sell a majority stake in the company to Penn National Gaming, a publicly traded, regional gambling company that operates 41 properties in 19 states.
Barstool was last valued at more than $100 million, but a potential purchase price could be much higher, and might create the biggest media-gambling tie-up in the US since the Supreme Court legalized sports betting in 2018.
So how does this tie to Conshohocken? TheBrandedSports.com reports that the sale is to a specific division of Penn National Gaming. From TheBrandedSports.com:
A source close to the situation is reporting to Branded that Barstool Sports has been sold to the Conshohocken, PA based company, Penn Interactive Ventures. The amount of the sale was not yet been disclosed.
MoreThanTheCurve.com published an article about Penn Interactive Gaming when it first opened in Conshohocken in 2016. At the time, online casinos were not allowed and it was creating and operating free casino-style games. Its parent company, Penn National, operates actual casinos. The parent company is based in Wyomissing, but the online office is located in Conshohocken due to the need to attract tech-savvy employees.
Barstool Sports’ founder Dave Portnoy was in Lafayette Hill recently to film an episode of One Bite pizza reviews.
More to come.