Barstool Sports founder David Portnoy is cashing in without selling out. (Photo by Tom Briglia/ … [+]
Tom Briglia
There is something apropos about Barstool Sports being the subject of a multi-hundred million dollar deal during Super Bowl week. This is the time of year when Barstool founder Dave Portnoy makes his noise, rattling the NFL and solidifying his reputation as a media iconoclast — even if that is no longer actually the case. Those with six 0’s in their bank accounts are not outsiders.
Portnoy is firmly part of the establishment, but the scorn still levied at Barstool in some traditional media circles allows him to maintain his outsider veneer. In that sense, Barstool’s sale to a gambling company is perfect.
Penn National Gaming finalized its purchase of Barstool Sports late Tuesday, valuing the company at a whopping $450 million. The regional casino operator will immediately buy a 36% stake in Barstool for $163 million in cash and stock, according to the…
