David Portnoy, the founder of Barstool Sport, is once again the site’s sole owner after Penn Entertainment sold the company back to him.
David Portnoy, the founder of Barstool Sports, is once again the site’s sole owner after Penn Entertainment sold the company back to him.The value of the deal was not disclosed, but Barstool was valued at $606 million in February when Penn bought out Portnoy. Penn first became a partial owner of the sports and commentary website in 2020. Penn reportedly paid Portnoy $388 million to buy him out in Feb.
Dan Katz and Dave Portnoy of Barstool Sports are seen in attendance during the UFC 281 event at Madison Square Garden on November 12, 2022, in New York City. Penn is turning its attention to an online sports betting deal with Disney-owned ESPN, an announcement that sent its shares up more than 15 percent, CNBC added.ESPN Bet with a ten-year contract, the AP reported. The deal is reportedly costing Penn a whopping $1.5 billion.
“Penn Entertainment is the perfect partner to build an unmatched user experience for sports betting with ESPN Bet,” ESPN chairman Jimmy PitaroOne detail was disclosed, though. Penn will be awarded 50 percent of any proceeds if Portnoy sells or otherwise monetizes Barstool. It was not disclosed, though, if that provision has a time limit.
Still, in a video posted to social media, Portnoy claimed he would “never” sell Barstool again. And he pledged that the site’s content will be back to the “pirate ship” style of raucous commentary as before Penn became involved and the site began trying to moderate its tone.
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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 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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ESPN BET to Launch This Fall; Barstool Bought Back from PENN EntertainmentESPN announced the upcoming launch of ESPN BET, their own branded sportsbook, this fall. With the rise of legalized gambling, sports media, including ESPN, has been focusing more on sports betting.
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Penn Entertainment's Barstool Sportsbook App to be Rebranded as ESPN BetPenn Entertainment's Barstool Sportsbook app will be rebranded as ESPN Bet this fall as part of a 10-year agreement. WeWork raises doubt about its ability to stay in business amid losses and a dwindling cash pile.
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Barstool Sports Founder Dave Portnoy Explains Breakup With Penn: ‘We Got Denied’ Gambling Licenses ‘Because of Me’Dave Portnoy, the founder of Barstool Sports, explains the breakup with Penn Entertainment, stating that they were denied gambling licenses due to his reputation as a 'degenerate gambler'. Portnoy is now the sole owner of Barstool Sports after Penn Entertainment sold it back to him.
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