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Top related persons:
David Portnoy - 5 Portnoy - 4 Penn - 3 Jay Snowden - 2 Dave Portnoy - 2 PENN - 2 Barstool - 2 Jim Cramer - 1
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ESPN - 5 Barstool Sports - 4 Barstool - 4 Penn Entertainment - 3 Disney - 3 ESPN Bet - 3 Penn - 3 Sports - 3

Search resuls for: "David Portnoy"


5 mentions found


☆ After divesting Barstool Sports, Penn Entertainment CEO says Dave Portnoy is the only 'natural owner' for the company long term
  + stars: | 2023-08-09 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Penn Entertainment CEO Jay Snowden told CNBC's Jim Cramer and CNBC's Contessa Brewer that the only natural owner of Barstool Sports was David Portnoy, who founded the company in 2003. Penn Entertainment, a gambling firm, announced Tuesday it would be divesting Barstool — selling the entity back to Portnoy — while entering a $1.5 billion deal with Disney 's ESPN to launch a betting sportsbook. "Dave Portnoy is the only natural owner for Barstool sports long term," Snowden said. Snowden explained that the company realized its product was quickly becoming outdated by having to rely on a third-party platform. The ESPN deal marks the first time the brand will be on a sports betting platform, known as ESPN Bet.
Persons: Jay Snowden, Jim Cramer, Contessa Brewer, David Portnoy, Portnoy —, Dave Portnoy, Snowden, Wednesday's, DraftKings Organizations: Penn Entertainment, Barstool Sports, Disney, ESPN, ESPN Bet
☆ Penn Entertainment to create ESPN Bet, sells Barstool back to David Portnoy
  + stars: | 2023-08-08 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +1 min
New York CNN —Casino owner PENN Entertainment has dropped Barstool, the sports website, agreeing to a $2 billion dollar deal with ESPN to create ESPN Bet. The online Barstool Sportsbook will be rebranded as ESPN Bet in the fall, PENN said in a statement Tuesday. It secured exclusive rights to the ESPN Bet trademark for 10 years, with an option to be extended for another 10. To get out of some its “non-compete and other restrictive covenants” with Barstool, PENN sold all of its Barstool common stock to the sports site’s founder, David Portnoy. PENN completed its acquisition of Barstool in February, after buying an initial 36% stake of Barstool Sports in 2020.
Persons: PENN, Jay Snowden, David Portnoy, ”, Portnoy, it’s, ” Portnoy, “ Penn, ” PENN, “ Organizations: New, New York CNN — Casino, PENN Entertainment, ESPN, ESPN Bet, Penn, Twitter, Barstool Sports, Barstool Locations: New York, Barstool
☆ Penn Entertainment sells Barstool Sports back to founder Dave Portnoy
  + stars: | 2023-08-08 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com   time to read: +1 min
David Portnoy, the outspoken founder of Barstool Sports, is once again the owner of his media brand, after buying it back from Penn Entertainment . Barstool Sports was valued at $606 million in February, when Penn bought the rest of the company it didn't already own. Portnoy, who founded Barstool Sports in 2003, said in a post on Tuesday that Penn and Barstool had "gone our separate ways." Penn sold Barstool at the same time that it announced an online sports-betting deal with Disney -owned ESPN. Penn will have the right to 50% of the gross proceeds in the event that Portnoy sells or monetizes Barstool, the release said.
Persons: David Portnoy, Penn, didn't, Portnoy, Barstool, — CNBC's Lilian Rizzo Organizations: Barstool, Monster Energy NASCAR, Las Vegas Motor, Penn Entertainment, Sports, Barstool Sports, Disney, ESPN Locations: Las Vegas, NV
☆ Dave Portnoy buys Barstool Sports back for next to nothing, years after selling it
  + stars: | 2023-08-08 | by ( Katherine Tangalakis-Lippert | Ashley Rodriguez | ) www.businessinsider.com   time to read: +3 min
Dave Portnoy is once again the owner of Barstool Sports. Portnoy bought the company stock back from PENN Entertainment after a deal initiated in 2020. PENN had finalized its complete acquisition of Barstool this year in the deal worth $551 million. Dave Portnoy is once again the owner of Barstool Sports. On Tuesday, Portnoy, who founded Barstool in 2003 said in a video posted to Twitter: "PENN Entertainment and Barstool Sports have gone our separate ways.
Persons: Dave Portnoy, Portnoy, PENN, Penn, Barstool, David Portnoy, Barstool hasn't, Ben Mintz, Penn's Organizations: Barstool Sports, PENN Entertainment, Morning, Barstool, Twitter, Disney's ESPN, ESPN BET, Penn, ESPN, New York Times, Action Network, Sports, PENN National
☆ ESPN launches sportsbook in partnership with Penn Entertainment
  + stars: | 2023-08-08 | by ( Lillian Rizzo | ) www.cnbc.com   time to read: +3 min
Disney 's ESPN is launching a betting sportsbook, putting the sports entertainment unit deeper into the wagering world. U.S. gambling company Penn Entertainment said it is partnering with ESPN to rebrand and relaunch its sportsbook as ESPN Bet. ESPN Bet will take over Penn's Barstool Sportsbook and become ESPN's exclusive operation. As part of the deal, Penn will pay ESPN $1.5 billion in cash over the 10-year period. Correction: Penn Entertainment reported in February that its sports-betting business turned a profit in the final three months of the fiscal year.
Persons: Bob Chapek, Bob Iger, David Portnoy, Penn, Portnoy, — CNBC's Alex Sherman Organizations: Disney, ESPN, Penn Entertainment, ESPN Bet, Hulu, CNBC, Penn, Sports, Barstool Locations: U.S
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