Thursday, January 19, 2023

Dave

 Dave Portnoy is also known as "El Presidente" and "Stool Presidente" and is an unpopular figure in sports media and digital media. Barstool Sports was founded by Portnoy, who has single-handedly changed the way that sports are covered. Dave has built an empire that encompasses a variety of websites, podcasts, and merchandise. He is also known for his determination to never give up the fight. A few months ago the actor started a highly socially-conscious twitter battle with Congresswoman Alexandra Ocasio-Cortez. Many journalists were against Portnoy, Barstool and all of it. Well, the haters are likely to be astonished today...Earlier this morning, it was announced that Penn National Gaming Company was purchasing 36% of Barstool that values the company at $450 million. Penn National will pay $163 million today in cash. The Penn National is set to pay $163 million today in cash. They have the option to invest $62 million over three years for a stake that will increase to 50 percent. This isn't Barstool's first major transaction. In January of 2016 the Chernin Group paid $10 - $15 million for what later became 60% stake as well as a $25 million investment in Barstool. The deal today will provide Penn National and Chernin 36 percentage stakes.



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