Penn Entertainment sells Barstool Sports back to founder Dave Portnoy
Publishing timestamp: 2023-08-09 08:25:00
Summary
David Portnoy, founder of Barstool Sports, has bought back his media brand from Penn Entertainment. The value of the deal is unknown. Barstool Sports was previously valued at $606 million when Penn bought the rest of the company. Penn and Barstool have "gone their separate ways" and Penn sold Barstool at the same time it announced an online sports betting deal with Disney-owned ESPN. Penn will have the right to 50% of gross proceeds if Portnoy sells or monetizes Barstool.
Sentiment: NEUTRAL
Keywords: penn entertainment inc, media, walt disney co, investors, breaking news: technology, breaking news: markets, technology, breaking news: business, business news, fraud and false statements, crime, markets,