By Denny Jacob

Penn Entertainment Inc. said Wednesday it has exercised call rights on all outstanding shares of Barstool Sports Inc. not already owned by the company to have 100% ownership of Barstool.
The casino and online sports-betting operator said the acquisition of the remaining Barstool shares is expected to be completed in February 2023, according to a securities filing. Barstool will then be a subsidiary of Penn.

Penn took a 36% stake in Barstool two years ago. Dave Portnoy started Barstool in 2003 as a gambling newspaper in Boston. Now it produces online content, podcasts and videos. Its popularity has grown in recent years, drawing a cultlike following among its fans, many of whom it says are young adults.
In March, gambling regulators in Nevada and Indiana have said they are looking into Barstool and Penn National in the wake of sexual-misconduct accusations against Mr. Portnoy, which he has denied.
Penn Chief Executive Jay Snowden said in March that the company stands by Mr. Portnoy and still believes in Barstool’s media appeal as key to the company’s future in sports betting and digital media.
Write to Denny Jacob at denny.jacob@wsj.com
Corrections & Amplifications
This article was corrected at 6:55 p.m. ET to reflect that Penn Entertainment Inc. is a casino and online sports-betting operator. The original article said it was an e-sports company.
Penn Entertainment Inc., a casino and online sports-betting operator, said the acquisition of the remaining Barstool shares is expected to be completed in February 2023, according to a securities filing. “Penn Entertainment Increases Stake in Barstool Sports to 100% Ownership” at 5:06 p.m. EDT mislabeled Penn as an e-sports company.