PENN Entertainment in its divestiture of Barstool Sports to its founder, David Portnoy

On August 8, 2023, PENN Entertainment divested Barstool Sports, Inc. to its founder, David Portnoy, in exchange for certain non-compete and other restrictive covenants and the right to receive 50% of the gross proceeds received by David Portnoy in any subsequent sale or other monetization event of Barstool.

Wachtell, Lipton, Rosen & Katz served as legal advisor to PENN.