Who owns Barstool Sports Blog? Barstool Sports is owned by The Chernin Group and Penn National Gaming. The media company was founded by Dave Portnoy in 2003 as a print publication. In January 2016, The Chernin Group, a media investment company, acquired a majority stake in Barstool Sports. Later, in January 2020, Penn National Gaming, a casino and racetrack operator, acquired a 36% stake in the company. The partnership aimed to boost Barstool’s sports betting and online gaming presence.
Company History
Barstool Sports is a popular sports and pop culture blog founded by David Portnoy in 2003. The company started as a print publication focused on gambling advices and fantasy sports projections, but quickly transitioned to digital media, with a mix of sports news, pop culture content, and comedy. Since its inception, there have been some changes in ownership over time. Here is an overview of Barstool Sports’ history and its ownership changes:
1. David Portnoy (2003-2016): Portnoy started the company out of his apartment in Massachusetts and served as the primary owner and driving force behind Barstool Sports. His unique approach and writing style, combined with edgy humor, propelled the website to popularity.
2. The Chernin Group (2016-2020): In January 2016, Portnoy announced that he had sold 51% of Barstool Sports to The Chernin Group, a media investment firm founded by Peter Chernin. This acquisition provided Barstool with access to resources for expansion and growth. Under The Chernin Group’s majority ownership, Barstool Sports notably launched Barstool Radio on SiriusXM and Barstool Gold, a premium subscription service. Portnoy continued in his role as the President of the company, and Erika Nardini was appointed as the CEO.
3. Penn National Gaming (2020-Present): In January 2020, Penn National Gaming, a US-based casino and gambling company, announced that it had entered into an agreement to acquire a 36% stake in Barstool Sports for approximately $163 million. The deal valued Barstool Sports at approximately $450 million. As part of the agreement, Penn National Gaming gained exclusive rights to use the Barstool Sports brand for its sports betting and online casino products.
In return, The Chernin Group’s ownership stake in Barstool Sports reduced to 36%, and David Portnoy along with other employees retained the remaining 28% share. So, as of now, Barstool Sports is co-owned by Penn National Gaming and The Chernin Group, with David Portnoy and other employees holding a smaller portion of the shares.
Who was the original founder?
Barstool Sports was originally founded by David Portnoy in 2003. Born on March 22, 1977, in Swampscott, Massachusetts, Portnoy graduated from the University of Michigan with a degree in Education. Before starting Barstool Sports, he worked as a sales and marketing manager for a few companies, including IT market research firm Yankee Group.
David Portnoy started Barstool Sports as a print publication, which primarily covered sports, gambling, and men’s lifestyle topics. The initial focus was on the Boston sports scene, but it eventually expanded to a digital platform and broadened its reader base. The blog gained popularity due to its distinctive voice, humor, and Portnoy’s strong opinions about various topics.
Over time, Portnoy and Barstool Sports developed a loyal following, which led to the growth of the brand and the introduction of podcasts, video content, live events, and merchandise. In 2016, David sold a majority stake of Barstool Sports to The Chernin Group, a media holding company, which helped transform Barstool into a multimedia company. Currently, Penn National Gaming holds a significant stake in Barstool Sports after a deal in January 2020.
David Portnoy, also known as “El Presidente,” remains an influential figure in the company, using social media, especially Twitter, to engage with fans, share opinions, and grow the Barstool brand.
FAQ for the Who Owns Barstool Sports Article
Who is the owner of Barstool Sports?
Barstool Sports is currently owned by Penn National Gaming. The company acquired a 36% stake in Barstool Sports in early 2020, giving them a majority ownership in the media company.
When did Penn National Gaming acquire Barstool Sports?
Penn National Gaming announced the acquisition of a 36% stake in Barstool Sports on January 29th, 2020.
What is the current valuation of Barstool Sports?
As of the acquisition in 2020, Barstool Sports was valued at $450 million, with Penn National Gaming’s deal being valued at approximately $163 million.
Who founded Barstool Sports?
Barstool Sports was founded by Dave Portnoy in 2003 as a print publication before later transitioning to a digital platform.
Does founder Dave Portnoy still work at Barstool Sports?
Yes, Dave Portnoy continues to work at Barstool Sports in his role as a content creator, hosting multiple digital shows and podcasts.
Sources for More Information
Featured image provided by Thirdman; Pexels; Thanks!
