David Portnoy Buys Back Barstool

David Portnoy, the outspoken founder of Barstool Sports, has regained ownership of his media brand by repurchasing it from Penn Entertainment. While the exact value of the deal remains undisclosed, Barstool Sports had been valued at $606 million in February when Penn acquired the remaining shares. Penn initially became a minority owner of Barstool in 2020. Portnoy, who established the brand in 2003, announced the separation between Penn and Barstool on Tuesday. As part of the divestiture, Penn received "non-compete and other restrictive covenants." Penn also announced a sports betting deal with Disney-owned ESPN, causing its shares to surge by over 15% in after-hours trading. Penn will retain the right to 50% of the gross proceeds if Portnoy decides to sell or monetize Barstool.