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Barstool Sports Now Valued at $100 Million

Jason Barrett

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Barstool Sports may not be everyone’s cup of tea but that’s just fine with their majority owner Chernin Group. The investment firm led by former News Corp. executive Peter Chernin has pledged another $15 million dollars to the company in order to help it pursue new business opportunities. Among the possibilities include branded alcohol, its own bar and expanding the recently acquired Rough N Rowdy boxing promotion.

In recent years, a number of media brands have been negatively affected by failing stock prices, staff reductions, and bankruptcies. Despite a challenging business climate, Barstool is going the opposite direction, making further investments in itself and its people. The company plans to double its staff to 160, with a focus on adding more writers, video producers and podcast hosts. Barstool CEO Erika Nardini says the company will also tap into the subscription business further by offering fans exclusive content tied to their podcasts or online Q&As with talent and personalities.

According to Bloomberg, the latest funding increases Barstool Sports’ value to roughly $100 million dollars. Although that number is tremendous for an upstart company, it pales in comparison to other groups like Vice Media (5.7 billion) and BuzzFeed (1.7 billion).

“The company has far exceeded our plans and all our models,” Mike Kerns, president of digital at the Chernin Group told Bloomberg. “There are a lot more areas we need to invest in.”

Barstool president Dave Portnoy says the latest funding provided by Chernin Group allows the brand the freedom to continue following its instincts. Over the next three to five years, Portnoy hopes to increase the brand’s value to $250 million. To celebrate the news, Portnoy is reposting a few of his earlier Barstool State of the Unions. You can check them out by clicking here.

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ESPN Sees Larger Than Average Audience For Big City Greens Classic

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ESPN aired Tuesday night’s New York Rangers and Washington Capitals game. DisneyXD and Disney Channel aired an alternate broadcast that included players being 3D animated to resemble the cast of Disney Channel’s popular cartoon Big City Greens. It turned into a ratings win for the networks.

The alternate broadcast featured players animated in real time to mimic what was happening on the Madison Square Garden ice. Players were equipped with special chips in the padding to aid the animation, and special pucks were used to ensure a smooth transition from video to computer-animated graphics.

An average of 589,000 viewers tuned into the game on ESPN. Meanwhile, nearly 175,000 watched the broadcast between Disney Channel and DisneyXD.

The figure for ESPN represents its largest NHL broadcast since a November 1st broadcast featuring the Pittsburgh Penguins and Boston Bruins.

The combined total for the broadcast — 765,000 — outdrew the World Baseball Classic broadcasts but did not top the NCAA Tournament’s First Four round that was broadcast on truTV.

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Greg Gumbel: I’m Lucky That I’ve Never Been Fired

“I worked for some people who didn’t like me, I’ve worked for some people I didn’t like. It’s a strange business, there’s no doubt.”

Ricky Keeler

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Greg Gumbel

This week, it was announced that Greg Gumbel will no longer be a play-by-play announcer for the NFL on CBS after working on CBS’s NFL coverage every year since 1998. Gumbel has had an illustrious career and he takes pride in the fact that one thing has never happened to him.

Gumbel was a guest on the Tell Me A Story I Don’t Know podcast with George Ofman (Part 2 from an interview back in September) and he told Ofman that while he has never been fired before, but he doesn’t think broadcasters should be embarrassed when they get fired because of what the business is.

“It’s the nature of the business. I honestly think I’ve been extremely fortunate in that I’ve never been fired in a business that is known for firings. Being fired in this business is no shame, no embarrassment because it’s a subjective business. Because this guy at this network likes my work, it doesn’t mean that this guy at that network does. It’s extremely subjective and if you can buy that and understand it the way it is, then it shouldn’t bother you at all.

“It’s never happened to me. If it had, it would not have surprised me. I worked for some people who didn’t like me, I’ve worked for some people I didn’t like. It’s a strange business, there’s no doubt.”

Gumbel has been the host of CBS’s NCAA Tournament coverage for the last 25 years and he knows it’s a job that he is very grateful to have.

“I know there are people who would give their right arm to be sitting there next to Clark Kellogg and Seth Davis on Selection Sunday or sitting next to Kellogg, Kenny Smith, and Charles Barkley when the tournament begins to talk about what we’ve just seen or what we are going to see. I am never, ever going to take for granted the fact that I have been very fortunate to be able to do that.”

One thing Gumbel tries to avoid whenever he is on air is the mispronunciation of someone’s name because he knows how it feels to have his name distorted accidentally by some people.

“Pronunciations are important to me. There’s been a lifetime of people who may not completely mispronounce my name, but distorting it a little bit from time to time. I never want to do that to an athlete. If I ever mispronounce an athlete’s name, I hear it from his family, I hear it from the school or the team and I apologize for it as soon as I can. I don’t think that is something light or should be taken for granted.”

Toward the end of the interview, Gumbel was asked by Ofman when he will know it will be time to end his career.

“Other people have given it more thought than I have. I think when that time comes around, it will hit me over the head more than I will think about it. There are people who ask me why I still do what I do. The very bottom line is I love it, I enjoy it.”

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Diamond Sports Group Misses Arizona Diamondbacks Rights Payment

It is believed that the missed rights payment by Bally Sports Arizona triggers a clause in the contract that reverts the television rights back to the Diamondbacks and Major League Baseball.

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Last week, Diamond Sports Group — operator of the Bally Sports-branded regional sports networks — claimed it had paid every rights fee it was contractually obligated, except for the Arizona Diamondbacks.

At the time, the company said it had a grace period until it needed to make a payment. That payment was due by Thursday, March 16th at 11:59 PM. That time has come and gone, and the company failed to deliver its fee.

It is believed that the missed rights payment by Bally Sports Arizona triggers a clause in the contract that reverts the television rights back to the Diamondbacks and Major League Baseball.

The Diamondbacks are not the only team affected by the situation. Bally Sports — which filed for Chapter 11 bankruptcy earlier this week — has also reportedly entered a grace period with the San Diego Padres. According to a report from Sports Business Journal, that grace period ends on March 30th, baseball’s Opening Day.

Previous reporting claims that contract is one the network hopes to get out from under. The company loses a reported $20 million per season on its television deal with the Padres. The Cincinnati Reds and Cleveland Guardians are the other two baseball franchises the network holds the rights to that it hopes to terminate deals for.

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