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Snowden explained that the company realized its product was quickly becoming outdated by having to rely on a third-party platform.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