What Is Barstool Sports? We Explain Here
The Chernin Group and Penn Entertainment are the company’s two major shareholders. David Portnoy founded Barstool Sports in Milton, Massachusetts, in 2003.
In 2003, Barstool launched as a print publication distributed in the Boston metro region. It made its online debut in 2007. AOL made the announcement that they would be airing Barstool Sports’ exclusive web programming in April 2014.
Portnoy originally wrote all of the newspaper’s content on his own, but later on, other independent writers joined.
TCG Capital Management
TCG has acquired a majority (51%) share in Barstool Sports. Portnoy revealed in an “emergency press conference” at Times Square on January 7, 2016.
TCG is a U.S.-based investment advice company that specialises in private equity investments in the consumer, digital, and sports media.
TCG has reportedly invested $25 million in the website.
On January 29, 2020, it was revealed that Penn National Gaming (now Penn Entertainment) had paid $163 million for a 36% ownership in Barstool Sports, giving the business a $450 million valuation. For a $62 million payment, Penn National, which has a market value of almost $3 billion, would expand its ownership to about 50% in three years.
Penn Entertainment, Inc.
Based on fair market value at the time, Penn National and Barstool had options that would have increased the gambling company’s stake to control or full ownership at that time.
Penn Entertainment announced in August 2022 that it would pay $387 million to buy the remaining shares of Barstool Sports in regulatory filings.
Based in Wyomissing, Pennsylvania, Penn Entertainment, Inc., originally Penn National Gaming, is an American casino and racetrack operator. It runs 43 locations in North America, many of which go by the Hollywood Casino name.