Penn National Gaming (PENN) Divests Barstool Sports to Founder David Portnoy

Penn National Gaming (NASDAQ: PENN) announced:

PENN Divests Barstool Sports to Founder David Portnoy: PENN sold 100% of the Barstool Sports, Inc. (“Barstool”) common stock to David Portnoy in exchange for certain non-compete and other restrictive covenants. PENN also has the right to receive 50% of the gross proceeds received by David Portnoy in any subsequent sale or other monetization event of Barstool.

The news coincides with a long-term exclusive strategic alliance PENN signed with ESPN for U.S sports betting.

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