Ifrah Law advises Barstool Sports on gaming issues in historic $163M Penn National deal
January 30, 2020
Law360 (January 29, 2020, 3:46 PM EST) — Casino chain Penn National, steered by Wachtell, said Wednesday that it took a $163 million stake in the sports and pop culture brand Barstool Sports, guided by Greenberg Glusker, in a deal that marks a novel tie- in between sports media and the gambling industry.
The deal, which would give Penn National Gaming Inc. a 36% interest in Barstool, also allows the chain of 41 casinos to use Barstool’s brand as an advertising vehicle for up to the next 40 years and to use the brand’s name to market sports betting in states where it has been legalized.
Citing Barstool’s 66 million monthly unique visitors, Penn National said in a statement Wednesday that it predicts the “loyalty of its audience will lead to meaningful reductions in customer acquisition and promotional costs for our sports betting and online products, significantly enhancing profitability and driving value for our shareholders.”