“We are extremely pleased to welcome Barstool Sports fully into the Penn Entertainment family,” Penn Entertainment CEO and president Jay Snowden said in a statement.

Barstool Sports and Portnoy also have been embroiled in controversies over past sexist and racist content on the website. Together, we’re going to create an omnipresent approach to gambling,” David Portnoy, president and founder of Barstool Sports, said in statement on Twitter.Founded in 2003 as a sports and gambling blog by Portnoy, Barstool has “evolved into a leading digital player in sports, lifestyle and entertainment,” according to the companies. They have the infrastructure, we have this rabid audience, this fan base craving it. They have sports tracks, they have casinos, they’re all over the country. “Penn National Gaming has one of the biggest infrastructures in the country for gambling. It also gives Penn National customary governance rights, including initially two seats on Barstool Sports’ seven-member board of directors.

While the deal will initially give Penn National a 36% stake in Barstool Sports, that will increase to about 50% in three years, with an additional investment of $62 million. “With its leading digital content, well-known brand and deep roots in sports betting, Barstool Sports is the ideal partner for Penn National,” Jay Snowden, president and CEO of Penn National, said in a statement. Penn National expects to close the deal in the first quarter of 2020, according to a company press release. Under the agreement, Barstool Sports - a digital sports, entertainment and media platform - will become exclusive gaming partners with Penn National for up to 40 years and will give it the sole right to use the Barstool brand for all of its sports-betting products.

for $163 million, a move that the casino company hopes will put it in a prime position to compete in the growing sports-betting market in the U.S. announced Wednesday that it has agreed to buy a minority stake in Barstool Sports Inc.

Penn gaming casinos bought