PENN Entertainment, Inc. (NasdaqGS:PENN) exercised the call rights to acquire the remaining 64% stake in Barstool Sports, Inc. on August 17, 2022. Post acquisition, PENN will own 100% stake in Barstool. Barstool will be a wholly-owned subsidiary of PENN.

Completion of the acquisition is subject to the satisfaction of certain conditions, including the absence of any governmental order or law prohibiting such acquisition and the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The acquisition of the remaining Barstool shares is expected to be completed in February 2023. The transaction is expect to close on February 17, 2023.