Penn National Gaming has purchased a minority share of Barstool Sports from the Chernin Group, as PNG announced on their website this morning. The gambling operator purchased 36% of Barstool for $163 million in cash and stock. That puts Barstool's current valuation around $450 million, according to The Wall Street Journal. TBL's Ryan Glasspiegel first reported Chernin was exploring a sale to a gambling operator in early November.
Founder David Portnoy announced the news on Twitter this morning and later indicated on Barstool Radio that he had signed a deal to stay with the site for another five years.
The site was founded by Portnoy in 2003. Chernin purchased 51% of the company in early 2016. Two years later they bought more shares in a deal that valued the site at $100 million.