PENN Entertainment buying the remaining stake of Barstool Sports

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PENN Entertainment Inc. PENN, -3.17% said in a filing late Wednesday it is buying the remaining shares it doesn’t yet own of media company Barstool Sports Inc., founded by David Portnoy. The Pennsylvania-based casino and racetrack operator has exercised call rights to bring its ownership of Barstool to 100%, PENN said in the filing. The acquisition of the remaining Barstool shares is expected to be completed by February, subject to certain conditions, after which Barstool will be a wholly owned subsidiary of PENN, the filing said. Shares of PENN National fell 0.8% in the extended session after ending the regular trading day down 3.2%.

This article was originally published by Marketwatch.com. Read the original article here.

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