Barstool Sports founder Dave Portnoy has announced that he has bought back the sports media company he created from PENN Entertainment. Today we will discuss about Dave Portnoy buys barstool: Did sell barstool| Penn.
Dave Portnoy buys barstool: Did sell barstool| Penn
Dave Portnoy buys barstool
Barstool Sports founder Dave Portnoy has announced that he has bought back the sports media company he created from PENN Entertainment. The Swampscott, Massachusetts native said in a video that PENN has decided to end its relationship with Barstool and return full ownership of the company to him.
Did sell barstool
Dave Portnoy is once again the owner of Barstool Sports, the sports blog he founded in 2003. Penn Entertainment, a casino-and-sports-gaming company, finalized its acquisition of Barstool earlier this year in a $551 million deal after a minority takeover. Sports Blogs to Stake $163 Million in 2020.
Penn
Portnoy is back as sole owner of the company for the first time in nearly a decade – when the Chernin Group bought a minority, then a majority stake in the company.
After PENN acquired the rest of Barstool in February of this year, Portnoy retained creative control over the site’s content.
According to him, PENN decided to go in a different direction after agreeing to a deal with ESPN — which has had a bad relationship with Barstool in the past.
‘Penn Entertainment and Barstool Sports have gone their separate ways. At this very moment – as you are watching this video – I have bought Barstool Sports back from Penn,’ Portnoy began.
PENN bought a 36 percent stake in the company in Barstool in January 2020 – increasing their stake to nearly 50 percent by 2023.
Initial reports at the time of the PENN deal indicated that the Chernin Group would retain its 36 percent stake in the company. It is unclear whether Chernin eventually sold his stake to PENN, or whether he sold it to Portnoy in the deal.
On how the deal came about, Portnoy said, ‘We did this deal about three years ago, and I think both sides were like “we’re going to take this thing to the moon”.
‘We underestimated how hard it is for me and Barstool to operate in a regulated world where gambling regulators have played havoc with the stock price,’ New York Times, Business Insider. Every time we did something, it was one step forward and two steps back.
‘We were denied a license because of me. what you say. So a regulated industry is probably not the best place for barstool sports and the type of content we create.
