Barstool Sports fully acquired by Penn Entertainment

Milwaukee Bucks v Boston Celtics - Game One

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FILE IMAGE - Dave Portnoy, founder of Barstool Sports, looks on during Game One of the Eastern Conference Semifinals between the Boston Celtics and the Milwaukee Bucks at TD Garden on May 1, 2022, in Boston, Massachusetts. (Photo by Adam Glanzman/Get

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Barstool Sports has been sold to Penn Entertainment Inc.

Penn paid about $388 million for the remaining stake in Barstool Sports that it doesn't already own, the sports and entertainment company said Friday.

Penn and Barstool Sports first announced an exclusive sports betting and iCasino partnership in early 2020. Penn took a 36% stake of Barstool Sports in February 2020 for approximately $163 million, comprised of about $135 million in cash and $28 million in non-voting convertible preferred stock.

The initial deal included a path for Penn to gain full ownership of Barstool Sports.

Barstool Sports raises millions to help small businesses amid pandemic

Barstool Sports founder Dave Portnoy launched a fundraising effort with the nonprofit 30 Day Fund for small businesses impacted by COVID-19 called "The Barstool Fund, contributing $500,000 of his own money toward the effort.

Barstool was founded in 2003 by Dave Portnoy as a free sports and gambling newspaper. It is now a digital platform that covers sports, lifestyle, and entertainment with more than 200 million followers.

"Barstool is a proven, powerful media brand with an authentic voice and vast, loyal audience that provides us with a strong top of funnel for new customer acquisition and organic cross-selling opportunities across our growing interactive division," Penn Entertainment Inc. CEO Jay Snowden said in a statement on Friday.