Dave Portnoy, also known as "El Presidente" or "Stool Presidente", is one of the most controversial figures in the world of sports media and digital media in general. Barstool Sports was founded by Portnoy who has completely revolutionized the way sports is covered. Dave has created an empire that spans numerous sites, podcasts and merchandise. He is also famous for not letting up in a fight. A few months ago he fought a open Twitter war against Congresswoman Alexandra Ocasio-Cortez. Many journalists were against Portnoy, Barstool and all of it. The haters will be dumbfounded this morning. It was revealed earlier this morning that Penn National Gaming Company had purchased a 36% stake at Barstool, which is valued at $450million. Penn National will pay $163 million today in cash. They will also be able to invest an additional $62 million over three years to bring their stake to 50%.This isn't Barstool's first major purchase. In January 2016, The Chernin Group paid $10 - $15 million for what became 60% stake and an investment of $25 million into Barstool. The transaction today gives Penn National and Chernin 36 percent stakes.
Thursday, January 19, 2023
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