Barstool sports is now “fully owned by casino operator and entertainment company penn entertainment,” according to todd spangler of variety. Peter chernin is doubling down on barstool sports, despite recent controversies: Founded by david portnoy in 2003 in milton, massachusetts, the company's two primary investors are chernin group and penn national gaming.
Investment company Chernin Group takes stake in website Barstool Sports
Portnoy sold a majority stake in barstool to the chernin group in 2016.
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.
The bussin’ hosts own their ip and will have a seamless transition in which they will not have to restart their podcast or youtube feeds from scratch. The chernin group, led by media investor peter chernin (“big. The private equity firm ceded control after penn entertainment (then called penn national gambling) purchased a stake in. David portnoy, the man known as “el pres” to scores of adoring stoolies, is no longer the majority owner of barstool sports.
Barstool sports is currently valued at $450 million after its deal with penn national gaming, which purchased a 36% stake in barstool sports for $163 million. Jesse jacobs and mike kerns of tcg will join. This acquisition provided barstool with access to resources for expansion and growth. Penn said that it paid $388m for the “64% stake in barstool it did not already own.”
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