Media trends

Gambling operator Penn National buys $136 million stake in Barstool Sports

A Barstool bus
Photo: Adam Glanzman/Getty Images

Penn National Gaming has agreed to buy a 36% stake in Barstool Sports for $136 million — a deal that values the company at $450 million.

Why it matters: With the gaming industry rushing to capitalize on the coming online sports betting boom, this deal joins an operator of 41 gambling properties in 19 states with a sports and lifestyle brand focused on young men.

Flipboard launches local news initiative

Flipboard "Local initiative"
Image: Flipboard

Flipboard on Tuesday will announce a new "Local initiative" to gather regional sources and national stories of local interest to users in 23 North American metropolitan areas, including Washington D.C., New York City, Los Angeles, Austin, Seattle, Toronto and Dallas.

Why it matters: Like other tech platforms, Flipboard is investing in local coverage because of audience demand.