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Started By
Message
PENN spent $551 million to purchase Barstool. Sold it back to Dave Portnoy for One Dollar.
Posted on 8/9/23 at 10:03 pm
Posted on 8/9/23 at 10:03 pm
9
Posted on 8/9/23 at 10:05 pm to call me goat
Did he get to keep all the penn stock he got?
Posted on 8/9/23 at 10:07 pm to Cosmo
Yup
Posted on 8/9/23 at 10:07 pm to call me goat
Damn, I woulda paid about $3.50
Posted on 8/9/23 at 10:09 pm to call me goat
Something's fricky
Posted on 8/9/23 at 10:11 pm to Cosmo
Yes, he still has PENN stock.
If he ever sells Barstool he has to give half of the sale to PENN.
He says he's never selling.
So he keeps the money he made from selling Barstool to Penn.
Keeps his Penn stock.
Now owns 100 percent of Barstool and all of the profits from Barstool going forward.
I'm not sure if Dave is a genius, lucky, or both.
Disney deal was contingent on Dave being gone, because Disney is uber woke & Dave is about as far from woke as it gets.
Penn CEO Snowden on CNBC today said that Portnoy/Barstool being so controversial made it difficult for Penn to get into certain states.
So Dave made 100's of millions from Disney/Penn for not being woke.
Gave him back his company just to go away so that they can get into the left woke states.
Good for him.
If he ever sells Barstool he has to give half of the sale to PENN.
He says he's never selling.
So he keeps the money he made from selling Barstool to Penn.
Keeps his Penn stock.
Now owns 100 percent of Barstool and all of the profits from Barstool going forward.
I'm not sure if Dave is a genius, lucky, or both.
Disney deal was contingent on Dave being gone, because Disney is uber woke & Dave is about as far from woke as it gets.
Penn CEO Snowden on CNBC today said that Portnoy/Barstool being so controversial made it difficult for Penn to get into certain states.
So Dave made 100's of millions from Disney/Penn for not being woke.
Gave him back his company just to go away so that they can get into the left woke states.
Good for him.
This post was edited on 8/9/23 at 10:32 pm
Posted on 8/9/23 at 10:14 pm to call me goat
Extremely lucky. Penn got a deal so great from ESPN and the exposure they offer that it was worth it to them to punt entirely on Barstool and what they invested.
Truth is that Barstool was a terrible deal for Penn that was doomed regardless. They are thrilled to part ways in lieu of trading barstool for ESPN regardless of what it cost them. Still a great deal for PENN.
Truth is that Barstool was a terrible deal for Penn that was doomed regardless. They are thrilled to part ways in lieu of trading barstool for ESPN regardless of what it cost them. Still a great deal for PENN.
Posted on 8/9/23 at 10:17 pm to call me goat
quote:
Disney deal was contingent on Dave being gone, because Disney is uber woke & Dave is about as far from woke as it gets.
I don’t think Disney really cared about Dave. Penn just knew they had a lot better opportunity with ESPN. Barstool is pretty niche. And even the biggest Barstool fans didn’t use the sportsbook app cuz it sucked arse
Posted on 8/9/23 at 10:17 pm to Jameson2954
quote:
Breaking…
Was that sarcasm?
Because the purchase price is breaking news, it was just released.
I assumed they sold it back for a song, but one dollar ?
Posted on 8/9/23 at 10:20 pm to tunechi
quote:
And even the biggest Barstool fans didn’t use the sportsbook app cuz it sucked arse
Won't be a problem anymore. Barstool is out of sports betting, per the deal.
Posted on 8/9/23 at 10:21 pm to SlimTigerSlap
quote:
Won't be a problem anymore. Barstool is out of sports betting, per the deal.
I know. I’m saying Penn realized they’d probably reached their potential as far as Barstool exposure/marketing and saw a much bigger opportunity with ESPN. Had nothing to do with ESPN not wanting to be associated the barstool, there was no point in Penn keeping both
Posted on 8/9/23 at 10:23 pm to tunechi
quote:
I don’t think Disney really cared about Dave. Penn just knew they had a lot better opportunity with ESPN. Barstool is pretty niche. And even the biggest Barstool fans didn’t use the sportsbook app cuz it sucked arse
Wrong.
Penn CEO Snowden on CNBC today said that Portnoy/Barstool being so controversial made it difficult for Penn to get into certain states.
They literally needed to get rid of Barstool to get into certain leftist woke states.
That's why they gave it back to him for a dollar.
Apparently you aren't that familiar with Portnoy/Barstool.
This post was edited on 8/9/23 at 10:29 pm
Posted on 8/9/23 at 10:24 pm to SlimTigerSlap
quote:
Barstool is out of sports betting, per the deal.
Not what Dave said in the interview I just watched
Posted on 8/9/23 at 10:26 pm to call me goat
quote:
Wrong.
Penn CEO Snowden on CNBC today said that Portnoy/Barstool being so controversial made it difficult for Penn to get into certain states.
Apparently you aren't that familiar with Portnoy/Barstool.
Yeah, and that had nothing to do with Disney
Posted on 8/9/23 at 10:26 pm to tunechi
Also I’m pretty sure Penn has spent a fraction on marketing/advertising/promos compared to DraftKings/fanduel, etc so taking the hit on pretty much giving Barstool back wasn’t as big of a deal
Plus it keeps Dave from partnering up with a competing sportsbook/going scortched earth on Penn
Pretty good deal for both sides. Have no idea if Barstool sans sportsbook/gambling is profitable enough for Portnoy to keep all the fat once a week bloggers on staff though. Place has gotten pretty bloated with useless “talent”
Plus it keeps Dave from partnering up with a competing sportsbook/going scortched earth on Penn
Pretty good deal for both sides. Have no idea if Barstool sans sportsbook/gambling is profitable enough for Portnoy to keep all the fat once a week bloggers on staff though. Place has gotten pretty bloated with useless “talent”
This post was edited on 8/9/23 at 10:29 pm
Posted on 8/9/23 at 10:27 pm to call me goat
quote:
Portnoy/Barstool being so controversial made it difficult for Penn to get into certain states.
Because of woke/anti-woke?
Posted on 8/9/23 at 10:27 pm to call me goat
quote:
Wrong. Penn CEO Snowden on CNBC today said that Portnoy/Barstool being so controversial made it difficult for Penn to get into certain states. Apparently you aren't that familiar with Portnoy/Barstool
No shite. That has nothing to do with Disney though
Posted on 8/9/23 at 10:28 pm to call me goat
I thought portnoy was woke tho? isn’t he from New Yooark?
Posted on 8/9/23 at 10:28 pm to call me goat
Good for him. Barstool without gambling is kind a goofy product. Now it's going to be a content publisher? Good luck with that, I suppose. Major layoffs coming.
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