Penn National is allegedly in Talks to acquire Barstool Sports. In the biggest race to capture the most significant piece of the US sports gambling market, most betting firms joined forces with sports content producers with the belief that the partnerships of this kind may help with audience growth and preservation. Penn National Gaming might be the latest gambling operative to score the biggest sports media partnership. It emerged that the Pennsylvania-headquartered operative of over 40 casinos in the US is in progressive talks with Chernin Group to attain a majority stake in a controversial sports media corporation Barstool Sports.
Penn National and Barstool Sports
Barstool Sports is a well-known sports and pop culture media outlet founded by Dave Portnoy. The firm was then acquired by the Chernin Group In 2016, in an agreement that valued it at around $100 million. Talks with Penn National include the acquisition of a majority stake in the blog at a higher price.
Barstool Sports is still enjoying its big and devoted following. Owing to its diverse, content, primarily sports-focused, it has also found itself overwhelmed in big arguments. Also, there has been several publications that were critical of the organization citing several occasions over the years where their reports left a lot to be desired. For example, the blog and Portnoy have been disapproved for unresponsive comments on very sensitive issues.
Penn National Heated Race
The fact that a big district casino operative might have been in talks with a sports content publisher indicates how intense the race for a top position in the rising US sports gambling market has become. Penn National and Chernin Group councils have not commented on any reports that the two groups have been in talks involving Barstool Sports.
News that Penn National seeks a sports media partner came late last year 2019 when the firms then COO, and soon-to-step-in as CEO Jay Snowden, said that they engaged with potential partners and they have been encouraging. If Penn National gets Barstool Sports as a sports media partner, it will be joining the likes of MGM Resorts International and The Stars Group that have both scored more significant partnerships with sports content publishers.
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