'Dave Portnoy Cashing Out Penn Stock After Clearing Up To $250M; Selling 1.25M Shares Of Penn He Acquired 6-Months Ago As Part Of The Casino Company's Purchase Of The Media Brand' - Sportico
Portfolio Pulse from Happy Mohamed
Dave Portnoy, founder of Barstool Sports, is selling 1.25 million shares of Penn National Gaming (PENN) that he acquired six months ago as part of the casino company's purchase of the media brand. The sale could net him around $30 million. Penn Entertainment, which owned 100% of Barstool for six months, is taking a loss as high as $850 million on Barstool to flip its sportsbooks to the ESPN Bet brand.
August 11, 2023 | 3:48 pm
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NEGATIVE IMPACT
Dave Portnoy's sale of 1.25 million shares of Penn National Gaming could potentially impact the company's stock price in the short term.
The sale of a large number of shares by a significant stakeholder like Dave Portnoy could potentially lead to a decrease in Penn National Gaming's stock price in the short term. Additionally, the company's decision to take a significant loss on Barstool to transition to ESPN Bet could also impact investor sentiment.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100