News Formal

Dave Portnoy Got One Hell of a Deal on His Re-Acquisition of Barstool

  • 📰 thedailybeast
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

Barstool Sports founder Dave Portnoy reportedly bought back his company from Penn Entertainment for just $1.

Barstool Sports founder Dave Portnoy bought back his company from Penn Entertainment for just $1, according to, which cited new securities filings on the sale.

The deal is a shocking end to what was once seen as a potentially game-changing sports media partnership—Penn spent a whopping $551 million to acquire Barstool and said in Wednesday’s filing that it expects to stomach a $800-850 million loss on the deal. The company ditched Barstool to partner with ESPN and rebrand its sportsbooks.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 307. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.'
Source: thedailybeast - 🏆 307. / 63 Read more »