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Details About Barstool Sale Released: Portnoy Owns 100% of the Company

In a significant turn of events, Dave Portnoy, the iconic founder of Barstool Sports, has reclaimed ownership of the beloved media company. The decision comes as Penn Entertainment officially divests Barstool Sports back to Portnoy, marking a strategic move that is making waves within the industry.

Penn Entertainment, in a strategic partnership move, is also set to team up with ESPN for a new venture. The company announced plans to rebrand its existing sportsbooks, unveiling a fresh identity under the moniker “ESPN Bet.”

The announcement, released on Tuesday, outlined the terms of the transition. Penn Entertainment confirmed the sale of “100%” of Barstool Sports back to Portnoy. However, the deal comes with a twist – the company retains the right to claim 50% of any future proceeds arising from potential sales or monetization events involving Barstool.

This development comes after Portnoy had previously sold a majority stake in Barstool Sports to The Chernin Group in 2016. Earlier this year, Penn Entertainment concluded its acquisition of Barstool for a reported $551 million, marking a significant financial investment.

In a video posted on Tuesday, Portnoy expressed his enthusiasm for once again taking the reins of Barstool. He acknowledged the challenges faced within a regulatory environment, as well as the impact of media scrutiny on stock prices. Portnoy’s statement conveyed his commitment to guiding Barstool with renewed vigor, emphasizing that the media platform would return to its authentic, unrestricted roots.

Portnoy’s decision to regain control of Barstool follows a week-long hiatus from his role in the governor’s office, during which he evaluated his presidential campaign and implemented necessary changes.

As part of this strategic realignment, Penn Entertainment and ESPN are set to embark on a new chapter. Barstool Sportsbook will undergo a transformation, rebranding as “ESPN Bet.” This rebranding effort aims to leverage the synergies between Penn Entertainment’s expertise and ESPN’s unparalleled audience reach.

Jay Snowden, CEO of Penn Entertainment, expressed confidence in the partnership, citing the unique strengths each entity brings to the table. The move aims to cater to the growing demographic of sports enthusiasts interested in betting.

For Barstool, this shift signifies a return to its core mission of delivering distinctive and authentic content. By divesting Barstool Sports back to its founder, Penn Entertainment aims to set the stage for the company’s future growth and innovation, free from the constraints of a publicly traded, licensed gaming entity.

As this dynamic repositioning takes shape, the media landscape anticipates an invigorated Barstool Sports under Portnoy’s leadership and a fresh era for sportsbooks through the ESPN Bet branding initiative. The news underscores the fluid and ever-evolving nature of the entertainment and sports industry, as key players strategically reshape their positions to meet the demands of a rapidly changing landscape.

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Ruben Jay
Ruben Jay
Ruben Jay is an American broadcaster, media blogger, and podcast host. Currently, Ruben is the President of MultiMediaMouth.com and the executive producer and host of the popular podcasts You’re My Best Friend and ON AIR with Ruben Jay, exclusively on MultiMediaMouth.com. Follow Ruben on Instagram, Twitter, and Tiktok @TheRubenJay.

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