Gambling operator Penn National buys $163 million stake in Barstool Sports

• Penn National will buy the 36% stake in cash and stock, and three years later, it will pay another $62 million to bring its stake to 50%, per the Wall Street Journal.

What they're saying: "It's a stunning deal for the digital media industry, coming as many publishers are retrenching after a round of ultimately disappointing Facebook-fueled optimism and investment," writes Vox's Peter Kafka.

• "And it's a big payoff for the Chernin Group, which had reportedly invested some $25 million to buy controlling stakes in Barstool in 2016 and 2018."

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