Penn Entertainment

Method

Penn National Gaming, based in Wyomissing, Pennsylvania, agrees in January 2020 and closes on February 20, 2020 the purchase of 36 percent of Barstool Sports for about 163 million dollars, 135 million dollars in cash and 28 million dollars in non voting convertible preferred stock, valuing Barstool at 450 million dollars, with Chernin keeping 36 percent and employees 28 percent. In February 2023 it pays about 388 million dollars for the rest. On August 8, 2023 it sells 100 percent of Barstool back to Dave Portnoy for non compete covenants and the right to 50 percent of the gross proceeds of any future sale, because a ten year ESPN Bet deal, 1.5 billion dollars in cash plus about 500 million dollars in warrants, requires it to drop the brand. Penn's total outlay of about 551 million dollars buys three years of Barstool Sportsbook marketing.

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The path: money and goods moving

• acquiredBarstool SportsPenn closes its 163 million dollar purchase of 36 percent on February 20, 2020, pays about 388 million dollars for the rest in February 2023, then returns the company to Portnoy on August 8, 2023 for non compete covenants and half of any future sale proceeds.2020 to 2023
• invested inBarstool SportsPenn buys 36 percent of Barstool for about 163 million dollars, closing February 20, 2020, at a 450 million dollar valuation.2020 to 2023