Mine too. Wow. Speechless. Can’t believe they got him.My mind is absolutely blown right now. Talk about worlds colliding.
Mine too. Wow. Speechless. Can’t believe they got him.My mind is absolutely blown right now. Talk about worlds colliding.
Did he post that after the Moss trade? And then the Pats went 11-1 the rest of the season lol. The playoffs were a shit show that year but not quite sure the Pats had become a laughingstock.EVERYONE IS LAUGHING AT THE PATRIOTS
This comment does remind me I should get out more.Mine too. Wow. Speechless. Can’t believe they got him.
LOL BOO HOOThis comment does remind me I should get out more.
Hahaha no that's the wrong interpretation. In other words, I agree with the poster that the klemmer/barstool collaboration isn't actually that exciting.LOL BOO HOO
Wasn't Berry the creator of LOL BOO HOO? I was just looking for an excuse to use it in the thread.Hahaha no that's the wrong interpretation. In other words, I agree with the poster that the klemmer/barstool collaboration isn't actually that exciting.
No, it was some ill-fated lurker who got into a tussle with a Dope (URI, I think).Wasn't Berry the creator of LOL BOO HOO? I was just looking for an excuse to use it in the thread.
It was opesNo, it was some ill-fated lurker who got into a tussle with a Dope (URI, I think).
I think there's been some allegations that he likes his sex rough and young (think 18 year olds when he's in his late 40s).What’s the bomb? Guess I missed it.
What’s his history of sexual abuse? Generally curious because I am not aware.
He also videoed a bunch of the women that he had sex with without their consent.I think there's been some allegations that he likes his sex rough and young (think 18 year olds when he's in his late 40s).
https://www.thecut.com/2023/02/women-say-sex-with-dave-portnoy-was-violent-and-humiliating.htmlWhat’s the bomb? Guess I missed it.
What’s his history of sexual abuse? Generally curious because I am not aware.
Dang. There are at least a couple on there that I patronize.
I think the restaurants themselves are fine, it's supporting this event that is questionable.Dang. There are at least a couple on there that I patronize.
Wow.
Kind of amazed Penn pulled off a deal with ESPN but obviously ditching Barstool was a condition.
Portnoy probably bought it back at a discount and I bet still owns a ton of PENN stock so prob a win for him.
Edit: Sounds like he got it back for free, with the promise to give PENN 50% of any future sale. Which is why he just said he will never sell again and when he dies it'll go to Dan/Kevin or their kids.
Have to admit that's a pretty incredible turn of events after getting 500M+ for it.
So Barstool revenue stream is basically down to podcasts, streaming and pizza reviews huh?
That's a pretty good summary. They have a lot of TikTok content.So The Ringer + pizza? I only know one of their shows. How much content do they put out?
Didn’t he get Penn stock?, which is down over 80% since 2020.So he got $500M and now owns the company again? Seems like a good deal.
I have no idea what he got or what he sold. He claims that he will still hold their stock in something I just watched on Twitter. What would you value Barstool at?Didn’t he get Penn stock?, which is down over 80% since 2020.
No idea. They were bought on the premise their target market would launch PENN for massive success with their gambling platform and lead it to a meaningful share of the market. That failed miserably. So much so, that PENN divested entirely and is paying ESPN $1.5bn over 10 years to get away from barstool and to ESPN.I have no idea what he got or what he sold. He claims that he will still hold their stock in something I just watched on Twitter. What would you value Barstool at?
Penn paid $163m for 36% of Barstool. The PENN price at the time was $29.83.Didn’t he get Penn stock?, which is down over 80% since 2020.
he also bought back barstool, presumably not for free or that would have been said (maybe I missed it?)
I suspect he did well on the initial exchange and then lost most of it. Barstool is now solely a content provider. He’s still done well but, let’s not expect him to be worth half a bill. Barstool is worth much less than 3 years ago. He also admits in his video the company was denied licenses and did worse because of him and perceptions towards him. We should suspect advertisers have a similar stance.
Twitter rumors are that he paid $0 aside from the non-competes and 50% of any future sale.So he got $500M and now owns the company again? Seems like a good deal.
Personnel cuts are inevitable, I think.Twitter rumors are that he paid $0 aside from the non-competes and 50% of any future sale.
In which case he's made all his $ still (of course the 500M was not close to all his) and anything that becomes of Barstool at this point is gravy. Hence his comment he'll never sell again and give the company away to his buddies and their kids.
Agree the restrictive covenants will be interesting. I'm sure at minimum they can't start a rival sportsbook, but of course Barstool will want to get ad revenue or partner with other online gambling companies.
I bet there is another big shake-up coming. Nardini probably was interested in being CEO of a rising company, not the Barstool remnants. And of course PENN was funding the operation at this point, not Portnoy. So would assume likely some personnel cuts coming.
*not a real thing
Portnoy will talk a big game about being "back" as full time owner. But he had one foot out the door and has already made his money now.Personnel cuts are inevitable, I think.
Good point on Nardini, though you might make the CEO hall of fame* if you take a wayward company, sell it for $500m, buy it back for nothing, then turn it into something huge again.
*not a real thing
That's already started. As far as I can see from his social media stuff is that he spends a ton of time at his places in Miami and the Hamptons.but long term motivation level for him is probably a lot different now compared to 5-10 years ago.
For sure, that's why I said he already had one foot out the door.That's already started. As far as I can see from his social media stuff is that he spends a ton of time at his places in Miami and the Hamptons.
I think that's right, though on the other side of things....So Portnoy went from owning 100% of Barstool to owning 49% in 2016, cashing out for an estimated $12 million, then cashing out again for around $80 million when PENN bought in three years ago, owning 28% of the company, then snagging another $110 million when PENN bought 100% ownership six months ago, owning 0% of the company, to now owning 100% of Barstool?
Portnoy cashed out for a guesstimated $200 million, bought it back for a reported “steal” (would have to relinquish 50% of any future sale to PENN), and now he can run Barstool however he wants. If he retained a lot of PENN stock, he can have the best of both worlds, running his site unchecked, and cashing in from PENN’s sports book’s tie in with ESPN .
As we have seen with the uber rich, like Bezos and Musk, and the less uber rich, like John Henry, having your own media company is attractive. I’m guessing Portnoy will still be big on providing content, even if he parcels out almost all of the responsibility of running the site to others. Lots of people are hundred millionaires, but few of them have their own platform where they can reach millions of people daily.For sure, that's why I said he already had one foot out the door.
Even now as a 100% owner, I wonder if he has the long term motivation to rebuild Barstool given how much $ he already made and the fact that he has to give 50% of any future sale to Penn.
How could no one have foreseen the problems a gaming company would have with state regulators because of some of the controversial Barstool content? PENN must have included a permanent non-compete regarding partnering up with another sports betting company when it gifted Barstool to Portnoy. I wonder if the non-compete extends to advertisers.I think that's right, though on the other side of things....
Portnoy as a mainstream partner (especially in a highly regulated world of sports betting) was pretty clearly a failure. Sounds like Penn was able to pivot well, but even if Barstool rebounds, it's hard to imagine anyone else is being interested in that type of partnership with Portnoy or Barstool in the future.
But at this point, he probably doesn't care too much.
So much of their current content is gambling related (and was long before PENN) so it would be funny if they're not allowed to get any ad $ from DraftKings etc.How could no one have foreseen the problems a gaming company would have with state regulators because of some of the controversial Barstool content? PENN must have included a permanent non-compete regarding partnering up with another sports betting company when it gifted Barstool to Portnoy. I wonder if the non-compete extends to advertisers.
I imagine not being able to use gambling advertisers would be hugely challenging for a company in their market.How could no one have foreseen the problems a gaming company would have with state regulators because of some of the controversial Barstool content? PENN must have included a permanent non-compete regarding partnering up with another sports betting company when it gifted Barstool to Portnoy. I wonder if the non-compete extends to advertisers.