Dave Portnoy Paid $1 (Yes, One Dollar) to Buy Barstool Sports Back From Penn Entertainment
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variety.comTodd Spangler NY Digital Editor Dave Portnoy had said he had bought Barstool Sports, the brash sports and pop-culture media company, for “pennies on the dollar” from Penn Entertainment.
In fact, Portnoy paid 100 pennies for Barstool. That’s after Penn Entertainment paid a total of $550 million to acquire Barstool. “Penn sold 100% of the outstanding shares of Barstool to David Portnoy in exchange for a nominal cash consideration ($1.00 dollar) and certain non-compete and other restrictive covenants,” the company disclosed in its 10-Q filing Wednesday.
Penn has the right to receive 50% of the gross proceeds received by Portnoy in any subsequent sale or other monetization event of Barstool.
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