re: Did Portnoy pay anything to get Barstool back?

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This deal is being marketed as much better for Barstool than it really is. Penn got a better deal with ESPN than Barstool for betting. But Barstool completely loses its betting market share and ability to be in the betting market. That was the most market with the most opportunity for Barstool. Essentially this deal turns Barstool back into solely content creation, so they have to harvest ad revenue and merchandising to make money. Which is much less profitable. And if Portnoy tries to offload or cash in again, he’s paying a hefty price

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I think you’re confusing for barstool and for Portnoy.

Portnoy sold 50% to Chernin way back when. Then they both sold 100% to Penn so Penn owned 100% of Barstool before this deal.

Dave got to keep all of his money/stock in Penn and got everything he sold back but the gambling side of Barstool for free.

The only way that’s a bad deal for him is if the content side is a money eating machine that can’t be fixed which I really doubt it is.

So yes Barstool isn’t as valuable of an asset now. But he already sold that entire asset to Penn and got parts of it back for free.