Dave Portnoy Is The Only 'Natural Owner' For Barstool Sports Long-Term, Says PENN CEO: 'This Is A Win-Win-Win'
Portfolio Pulse from Ramakrishnan M
PENN Entertainment's CEO Jay Snowden discussed the company's divestiture of Barstool Sports back to its founder Dave Portnoy and a new partnership with ESPN. Portnoy bought back his media brand from Penn for $1, following Penn's acquisition of the remaining stake in Barstool Sports for over $500 million. Snowden sees this as a win for all parties involved.
August 10, 2023 | 5:51 am
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NEUTRAL IMPACT
PENN Entertainment has divested Barstool Sports back to its founder and entered into a new partnership with ESPN. This could potentially impact the company's future revenues and partnerships.
The divestiture of Barstool Sports and the new partnership with ESPN could potentially impact PENN's future revenues and partnerships. However, the exact impact is uncertain at this point, hence the neutral score.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100