Portnoy’s Future with Bartsool, Penn Entertainment in Limbo
David Portnoy is the human face of Barstool Sports, the sports and amusement media society he founded 2 decades ago. He’s not certain for how long that position testament continue.
Portnoy’s take with William Penn Entertainment (NASDAQ: PENN) is upward in 20 months and on that point are no more guarantees the 2 sides will get to an extension. In February, Penn paid $388 million for the 64% of Barstool Sports it didn’t antecedently own, bringing the summate acquisition damage for Portnoy’s accompany to $551 million. In an question on “The Kirk Minihane Show” earlier this week, was ambiguous regarding his future with Penn.
There’s been some speak most it. Like you said [previously], who knows what they’re thought at this point,” he told Minihane.
That question occurred about ii weeks after Portnoy took to Twitter to narrate followers he added to his already big posture inwards Penn stock. That twirp provided a temporary encouragement to the slumping shares. In a subsequent tweet, Portnoy asked his followers whether he should remain at William Penn and exhibit signs of open supporting for the gaming company.
Portnoy/Penn North Has Been Bumpy
Penn took its initial bet inward Barstool Sports inward 2020, hoping to purchase the brash, upstart media entity to establish its online sportsbook and come-on a younger, hipper patronage to its regional casinos.
While in that location are indications the sell paid dividends on the latter front, Barstool Sportsbook remains a bit participant on the regulated sports wagering shot inwards the US. Additionally, the Portnoy/Penn man and wife hasn’t ever been harmonious. That practically was on exhibit when Barstool, at the behest of Penn, fired Poker player Ben “Mintzy” Mintz earliest this month for using a racial epithet while reciting a strike song on air.
Portnoy and Barstool Sports CEO Erika Nardini openly disagreed with the decision. There have also been allegations of sexual misconduct against Portnoy, though he’s ne'er faced charges inwards a outlaw court. He’s also rankled some with his views on various issues of the day, including the Supreme Court’s 2022 determination to send out abortion rights back up to the states and, to a greater extent recently, the founder of Silicon Valley Bank.
Add it all upward and some analysts hypothesize that William Penn could eventually sell or spin around cancelled Barstool Sports, and there’s speculation the puddle of possible buyers would follow larger if Portnoy was come out of the picture. Conversely, in that respect are analysts covering Penn who don’t’ scene Portnoy as problematic.
Portnoy’s Post-Barstool Options
Should he at long last lead Barstool Sports and Penn, Portnoy has plentitude of options. In the interview with Minihane, he toyed with the thought of a podcast or disbursal some clip come out of the limelight.
He also mentioned the possibleness of producing longer-form content, perhaps leveraging his famous pizza pie tastings into Susan Brownell Anthony Bourdain-esque content.
“Like a pizza exhibit on Netflix where you’re doing the like 15 minutes a fleck … i same doing it. It excites me. i guess it’d follow wildly successful … the likes of [Anthony] Bourdain of what I’m doing,” Portnoy told Minihane.