On Wednesday, it was officially announced that Penn National Gaming and Barstool Sports have agreed on a $450 million dollar deal.

According to the Wall Street Journal, Penn National will first buy a 36 percent stake in Barstool for $163 million in cash and stock, which values the company at $450 million.

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In 3 years from now, the casino company will then have to pay another $62 million to bring its stake to 50 percent, with the ability to buy controlling ownership for an amount to be determined at the time.

Flip the Page to see the announcement: