Dave Portnoy, also known as "El Presidente" or "Stool Presidente" is among the most controversial figures in the field of sports media as well as the digital media generally. Barstool Sports was founded by Portnoy, who has completely revolutionized the way sports is covered. Dave has established an empire that now includes numerous websites, podcasts, merchandise, video on demand and much more. Dave is also well-known for his determination to never give up a fight. He launched a Twitter war with Congresswoman Alexandra Ocasio Cortez a few months ago. Many reporters were against Portnoy, Barstool and all of it. The people who hate Barstool will be stunned today. It was reported earlier this morning that Penn National Gaming Company had bought 36% of Barstool, which is valued at $450million. Penn National will pay $163 million today in cash. Penn National will pay $163 million today in cash. They are able to put in $62 million over the next three years for a stake that will increase to 50%. Barstool isn't the first major purchase. In January 2016 the Chernin Group paid $10 - $15 million for what became 60% stake and an investment of $25 million in Barstool. Today's transaction will give Penn National and Chernin 36 percent stakes.
Thursday, January 19, 2023
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