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Started By
Message
Barstool selling remaining 50% ownership to Penn, completely controlled by Penn in Feb
Posted on 8/18/22 at 9:17 am
Posted on 8/18/22 at 9:17 am
quote:
Lucas Shaw
@Lucas_Shaw
Penn National is paying $325 million to buy the remaining 50% of Barstool Sports. It will own it outright by February 2023.
I was hoping for even more gambling content.
11
Posted on 8/18/22 at 9:19 am to Fun Bunch
Dave is living the dream...
Posted on 8/18/22 at 9:20 am to Fun Bunch
Hopefully they negotiated a cash buyout instead of locked up Penn stock...
A $650M enterprise value seems lower than I would have guessed.
A $650M enterprise value seems lower than I would have guessed.
This post was edited on 8/18/22 at 9:21 am
Posted on 8/18/22 at 9:26 am to usc6158
I think they messed up by not staying with SiriusXM a couple of years ago. Dave overplayed his hand on that one, as they had the online presence and radio locked-up with a little streaming content.
Oddly, when they left Sirius, I thought for sure they would keep some of their daily line-up and livestream it, but they did not. And I'm actually surprised at how little content they churn out on a daily basis with as many "contributors" they have on staff.
$650M is prolly pretty good for them right now, but I agree about the cash, as oppose to more Penn stock.
Oddly, when they left Sirius, I thought for sure they would keep some of their daily line-up and livestream it, but they did not. And I'm actually surprised at how little content they churn out on a daily basis with as many "contributors" they have on staff.
$650M is prolly pretty good for them right now, but I agree about the cash, as oppose to more Penn stock.
Posted on 8/18/22 at 9:32 am to Fun Bunch
Big Cat probably making another $7 mil from this sale
Posted on 8/18/22 at 9:51 am to Fun Bunch
Gambling is fun.
Gambling content is terrible entertainment to me. I don’t get it
Gambling content is terrible entertainment to me. I don’t get it
Posted on 8/18/22 at 9:51 am to usc6158
first run was $450? This one $325... yeah seems like they should have been more...
Especially the chatta both Erika and Dave had when other companies etc were getting paid out for different prices that seemed astronomical.
But I can tell you with the CHI office next summer etc... They will actually have a big presence again with Content etc.
Seems like they may have more satellite locations like Boston/Miami etc. pop up which will also be interesting.
Especially the chatta both Erika and Dave had when other companies etc were getting paid out for different prices that seemed astronomical.
But I can tell you with the CHI office next summer etc... They will actually have a big presence again with Content etc.
Seems like they may have more satellite locations like Boston/Miami etc. pop up which will also be interesting.
Posted on 8/18/22 at 9:52 am to Lester Earl
quote:
Gambling content is terrible entertainment to me. I don’t get it
Same. I don't consume any of it. When PMT goes on gambling tangents I usually zone out or skip ahead.
Posted on 8/18/22 at 9:53 am to Fun Bunch
They need to get rid of the dead weight, which is about 80% of their staff
Posted on 8/18/22 at 9:55 am to foosball
They actually just did....
but yes, there has been more and more that they have taken on.
I'll assume they'll hire more when they open the other offices.
but yes, there has been more and more that they have taken on.
I'll assume they'll hire more when they open the other offices.
Posted on 8/18/22 at 10:01 am to foosball
If PENN were smart they would cut out a lot of the bums at barstool. I don’t understand this deal for barstool unless Dave has basically made the decision to retire. He’s been touting how they were the first to set the market so they basically got lowballed and now he is getting even less money for the rest of the company.
Posted on 8/18/22 at 10:04 am to Civildawg
How can they really grow or any get any bigger/better at this point, unless they acquire broadcast rights? Maybe Dave figures this thing has peaked and is cashing big one last time while he can.
They have to compete with bigger companies when it comes to gambling, and a lot of the content really just seems to be inner Barstool dynamics. They need more content like the golf and hockey guys IMO.
They have to compete with bigger companies when it comes to gambling, and a lot of the content really just seems to be inner Barstool dynamics. They need more content like the golf and hockey guys IMO.
This post was edited on 8/18/22 at 10:06 am
Posted on 8/18/22 at 10:06 am to Fun Bunch
quote:
Penn National is paying $325 million to buy the remaining 50%
Seems low
Posted on 8/18/22 at 10:11 am to Fun Bunch
I am guessing Portnoy and the key players will now be able to leave in 2024 or 2025 with one last payout.
At that point, it will be interesting if Penn had scrapped the Barstool brand for their Sportsbook and migrated completely to “The Score”.
Ontario, where they are “The Score” brand, is the only market that they are holding their own in market share.
The last “test” will be MA, Barstools’ backyard. Only time will tell if Brand loyalty, can overcome an inferior App.
At that point, it will be interesting if Penn had scrapped the Barstool brand for their Sportsbook and migrated completely to “The Score”.
Ontario, where they are “The Score” brand, is the only market that they are holding their own in market share.
The last “test” will be MA, Barstools’ backyard. Only time will tell if Brand loyalty, can overcome an inferior App.
Posted on 8/18/22 at 10:14 am to Bunk Moreland
quote:
How can they really grow or any get any bigger/better at this point, unless they acquire broadcast rights? Maybe Dave figures this thing has peaked and is cashing big one last time while he can.
This is absolutely what is happening. Dave and others are squeezing the last bit of juice out of the company.
Posted on 8/18/22 at 10:17 am to skullhawk
yes/no...
Lots will happen between just now and the new year... but I predict 2023 to be a year for Barstool like 2016 was... it will be one of the biggest year in the company's history.
Lots will happen between just now and the new year... but I predict 2023 to be a year for Barstool like 2016 was... it will be one of the biggest year in the company's history.
Posted on 8/18/22 at 10:18 am to UncleLester
The app runs a distant fourth place in Michigan, even though Penn was affiliated with one of the big Detroit casino hotels until recently. Fanduel, MGM, and Draftkings are monsters. Caesars is probably coming on strong, too, with all of their advertising.
Posted on 8/18/22 at 10:18 am to skullhawk
The only personality I care to listen to on Barstool is Bigcat. Everyone else is mediocre.
Posted on 8/18/22 at 10:21 am to skullhawk
quote:
This is absolutely what is happening. Dave and others are squeezing the last bit of juice out of the company.
Dave is very underpaid (outside terms of the sale). His effort the last 12 months has reflected it.
Just don’t know how much fire he has left in him to start a new company when he is out of his Penn obligation or if he just takes a bag to do an hour show on Fox News.
Posted on 8/18/22 at 10:50 am to UncleLester
he's not going to....
no reason to, he'll continue to support and grow barstool... just the amount he is in the limelight will change in the next few years...
no reason to, he'll continue to support and grow barstool... just the amount he is in the limelight will change in the next few years...
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