Penn Entertainment said it will record a loss of up to $850M on the sale of Barstool Sports to Dave Portnoy.
That meant abandoning the Barstool brand, which it acquired in full just earlier this year .
“Pursuant to the Barstool SPA, PENN sold 100% of the outstanding shares of Barstool to David Portnoy in exchange for a nominal cash consideration and certain non-compete and other restrictive covenants,” the company wrote in its quarterly report Wednesday. Portnoy also agreed to give Penn 50 percent of the proceeds from any future sale of Barstool Sports, while Penn agreed to “indemnify Barstool and its subsidiaries and David Portnoy for certain tax matters.”
Portnoy founded Barstool Sports in 2003, eventually building it into a powerhouse sports-adjacent brand that is popular with young men. When it initially cut a deal with Penn, the gambling company hoped to use the Barstool brand name to give it a leg up in the nascent sports betting business. Now, with ESPN, Penn is betting that the sports media giant can propel it further in the space, while jettisoning Barstool back to its founder.
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Penn sells Barstool Sports back to Dave Portnoy to partner with ESPNDave Portnoy regains ownership of Barstool Sports and expresses his excitement to have the freedom to speak and act without restrictions. He vows to never sell the company again.
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Penn Ditches Barstool Sports for ESPN, Sells Company Back to Dave PortnoyPenn Entertainment has sold Barstool Sports back to founder Dave Portnoy in order to partner with ESPN and rebrand its sportsbooks, the company announced. Portnoy blamed the 'regulatory world' and mainstream media for the split, which he billed as a 'win-win.'
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Dave Portnoy buys Barstool Sports back for next to nothingDave Portnoy announces in a video that he has bought back Barstool Sports for a minimal amount. He mentions facing challenges and denials in the regulated industry, indicating that it may not be the best fit for the type of content they produce.
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Penn Entertainment sells Barstool Sports back to founder Dave PortnoyDavid Portnoy, the founder of Barstool Sports, has regained ownership of his media brand after buying it back from Penn Entertainment. Portnoy announced the separation between Penn and Barstool in a post on Tuesday.
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Penn Entertainment Sells Barstool Sports Back to Founder Dave PortnoyDavid Portnoy regains full ownership of Barstool Sports as Penn Entertainment sells the company back to him. The value of the deal remains undisclosed.
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Dave Portnoy Paid $1 (Yes, One Dollar) to Buy Barstool Sports Back From Penn EntertainmentDave Portnoy had said he had bought Barstool Sports, the brash sports and pop-culture media company, for “pennies on the dollar” from Penn Entertainment. In fact, Portnoy paid 100 pennies for Barstool. That’s after Penn Entertainment paid a total of $550 million to acquire Barstool. “Penn sold 100% of the outstanding shares of Barstool to David Portnoy in exchange for a nominal cash consideration ($1.00 dollar) and certain non-compete and other restrictive covenants,” the company disclosed in its 10-Q filing Wednesday
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