Last month it was being floated around that Chernin was looking into selling Barstool. It was being reported that the gambling content Barstool was producing would be highly interesting to a gambling operator. Now it appears they may have found their suitors.
A source close to the situation is reporting to Branded that Barstool Sports has been sold to the Conshohocken, PA based company, Penn Interactive Ventures. The amount of the sale was not yet been disclosed.
PIV is an interactive social casino game, fantasy sports and gambling company. The purchase of Barstool, especially the Barstool Bets App, makes perfect sense with some of PIV’s acquisitions over the years.
PIV would most likely try to expand the Barstool Bets app and use their huge and devoted followers to create an app to rival Fan Duel and Draft Kings. The purchase is most likely not going to be a majority of the company seeing that the Chernin Group reinvested an additional $15 Million in 2018. Dave has said on BSR that they wouldn’t sell without his green light and I have to imagine that is true.
"Chernin's not selling anything without talking to me." — Dave Portnoy on @BarstoolRadio
"Are they able to though?" — @TomScibelli
"Theoretically, I think they could. They wouldn't. No one would buy Barstool without us being down with it." — Dave
— Deke Zucker (@Barstool_Quotes) November 4, 2019
Portnoy built Barstool from the ground up and the addition of Erika Nardini sky rocketed their success. With the first sale resulted in the company value shooting up 10x, one can only imagine what the expansion of Barstool Bets app will do to the overall value.
Once again this is still just rumors we are hearing from a source. Nothing has been confirmed from either company yet. Stay tuned for more details as they come out.