Barstool Sports founder Dave Portnoy has announced he's bought back the sports media company he created from Penn Entertainment.The Swampscott, Massac
Barstool Sports founder Dave Portnoy has announced he’s bought back the sports media company he created from Penn Entertainment.
The Swampscott, Massachusetts native said in a video that Penn had decided to end its relationship with Barstool and divested the complete ownership of the company back to him.
Portnoy is back as the sole owner of the company for the first time in nearly a decade – after 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 content of the site.
According to him, Penn decided to go in a separate direction after agreeing to a deal with ESPN – who has had a frosty relationship with Barstool in the past.
Barstool Sports founder Dave Portnoy has brought back the entire company under his control
‘Penn Entertainment and Barstool Sports have gone their separate ways. As of this moment – as you are watching this video – I have purchased back Barstool Sports from Penn,’ Portnoy began.
Penn had purchased a stake in Barstool for 36 percent of the company in January of 2020 – increasing their stake to about 50 percent by 2023.
Reports at the time of the Penn deal indicated that The Chernin Group would retain their 36 percent stake in the company. It’s unclear whether or not Chernin eventually sold their stake to Penn, or if they sold it to Portnoy in this deal.
As for how the deal came about, Portnoy said, ‘We did this deal about three years ago, and I think both parties were like “we’re gonna take this thing to the moon”.’
‘We underestimated just how tough it is for myself and Barstool to operate in a regulated world where gambling regulators, the New York Times, Business Insider hit pieces f–king with the stock price. Every time we did something it was one step forward two steps back.
For the first time since selling a stake to The Chernin Group, Portnoy now has full control
‘We got denied licenses because of me. You name it. So the regulated industry probably not the best place for Barstool Sports and the type of content we make.’
‘Penn was able to broker an unbelievable deal with ESPN. We wish them nothing but the best in their endeavors. It’s truly a win-win.’
Portnoy continued, assuring his army of fans that now Barstool was a private company, that their content would return to the raunchy, irreverent work they became infamous for.
‘More importantly, for us, for Barstool, for the first time in forever, we don’t have to watch what we say, how we talk, what we do. It’s back to the pirate ship.
‘By the way, I will never sell Barstool Sports [again], ever. I’ll hold it till I die.’
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