Penn National Gaming Inc. has agreed to buy a stake in Barstool Sports Inc. for $163 million, according to people familiar with the matter, a deal that positions the casino operator to compete in the growing U.S. sports-betting market. Penn National plans to take a 36% stake in Barstool Sports, which produces blogs, podcasts, social media and live events, the people said. The deal, to be announced Wednesday, would give Penn National exclusive rights to use the Barstool brand in its sports-betting products. Penn National would...

Source: Wall Street Journal January 29, 2020 05:03 UTC