The fastest growing social media brand among men 18-34 might soon have a new owner. The Chernin Group, which owns Barstool Sports, is in advanced talks to sell a majority stake in the platform, according to Vox.
The potential buyer is reportedly Penn National Gaming, a publicly traded gambling company which operates 41 properties in 19 states.
In November, Ryan Glasspiegel of The Big Lead reported Chernin Group was exploring the possible sale of Barstool Sports to a gambling operator, but which company that might be was unclear at the time.
“We continue to speak or have spoken with everybody from DraftKings to FanDuel to Stars to PointsBet to Penn to Willam Hill to MGM to Rush Street, etc.,” a statement attributed to Barstool founder Dave Portnoy said to Vox.
“I think that if we aligned ourselves with one company with a shared vision, that company would have an extraordinary advantage in the race to becoming the leading gambling company in the United States.”
In 2016, The Chernin Group purchased a majority stake in Barstool Sports from Portnoy. Two years later the group purchased more shares while investing a total of $25 million in Barstool Sports, which was last valued at over $100 million. At the time (2018), Portnoy said he hopes to increase the company’s value from $100 million to $250 million within the next three to five years.
A partnership between the Wyomissing, PA located Penn National Gaming and Barstool could help the casino and racetrack operator enter the realm of online sports betting. Barstool has long been associated with sports wagering, already having its own gambling destination, providing content to its fans via Barstool Bets.
Dan O’Toole Returns To Broadcasting With New Podcast, ‘Boomsies!’
“Talking to some former co-workers — some former bosses — and one of them said, ‘Well, Dan, I think you’re done in the industry.'”
Since being fired by TSN last year, Dan O’Toole has kept a rather low profile. But not by choice.
As the former SportsCentre and Fox Sports Live anchor explained to The Athletic‘s Sean Fitz-Gerald, no other media outlet was offering work. The lack of interest moved O’Toole to the point where he began to consider a different career. And he wasn’t getting encouragement from former colleagues.
“Talking to some former co-workers — some former bosses,” O’Toole told Fitz-Gerald, “and one of them said, ‘Well, Dan, I think you’re done in the industry.'”
It’s a realization that plenty, far too many, in media have faced in recent years as outlets make budget cuts or shut down altogether. Yet for someone as accomplished and popular as O’Toole was in his on-air partnership with Jay Onrait, such a situation must have been even more difficult.
So like many other broadcasters, O’Toole, 46, decided to give himself a platform. He started a podcast. Titled Boomsies!, the show is available where most audio content is found these days, including Apple Podcasts and Spotify. The podcast is also available on YouTube, in partnership with BetRivers Sportsbook. New shows will be posted every Wednesday.
The “Boomsies!” name came from a producer he previously worked with at FS1. Behind the scenes, the producer would yell “Boomsies!” in response to a big play or notable mistake.
Later in The Athletic‘s article, O’Toole went onto explain that he believes it’s been difficult to find work in Canadian sports television because of his rather public episode in July 2020 when he believed that his infant daughter had been abducted. The child was later found safe with her mother.
“Having a very public — essentially — mental breakdown, with a situation in my life,” O’Toole told Fitz-Gerald. “That probably entered my brain, where people don’t want this guy around.”
Losing his job at TSN provided O’Toole with the opportunity to help himself, which included a month-long stay in a treatment center last year. He’d like to get back on television, but is content with the podcast for the work-life balance it allows. The show also provides a platform to demonstrate to anyone who might be struggling with mental health that it’s possible to put a life back together.
4 Kicked Tires On The Athletic Before New York Times Deal
“Amazon reportedly had eyes on pairing The Athletic with its Thursday Night Football coverage.”
Before The New York Times agreed to pay $550 million to acquire The Athletic, other companies showed interest in the subscription sports site. Alex Sherman of CNBC says throughout 2021, multiple companies discussed buying The Athletic.
In March of 2021, The Athletic and Axios began talks to merge. When that fell through, Sherman writes that other suitors stepped up. Amazon, Conde Nast, and DraftKings were amongst the media suitors. Private equity firm TPG Capital showed interest as well.
Amazon reportedly had eyes on pairing The Athletic with its Thursday Night Football coverage. “Spokespeople at Amazon, Conde Nast and DraftKings didn’t respond to requests for comment,” Sherman writes.
TPG Capital was the most serious competitor to The Times. TPG also declined to comment, but Sherman reports that writers for The Athletic were worried about their jobs should a private equity firm buy the site.
Details of The New York Time’s take over have not been revealed, although it is expected that The Athletic will continue to function as an independent entity under the new ownership.
BetMGM Launches In New York On Monday
“Mobile wagering officially became legal in the Empire State over the weekend.”
BetMGM is the next man up in the New York Gaming Commision’s “rolling” plan to introduce new mobile sportsbooks in the state. The company announced via Twitter that it would begin taking bets on January 17.
Mobile wagering officially became legal in the Empire State over the weekend. Four books launched their New York operations on Saturday and saw massive returns. The state generating more tax revenue off one day of mobile wagering than it has in more than 30 months of retail betting.
Will BetMGM experience the same boom on day 1 that BetRivers, Caesars, DraftKings, and FanDuel all did upon their launch?
Probably not. Those four were the first mobile players in the market. Also, by launching on Monday, BetMGM will miss all but one game on the NFL Playoffs’ Super Wild Card Weekend.
But this is a long play. The population of New York State is large enough and BetMGM is well-enough-established to generate profit quickly. Besides, with the Knicks, Nets, Rangers, Islanders, and Sabers all in season, there will be no shortage of opportunities in the coming months for New Yorkers to fire up the BetMGM app and lay their money down.
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