The regulated gambling industry, he said, “was probably not the best place for Barstool Sports and the kind of content we make.” Portnoy added that he will “never” sell the company. In a video posted on X, the site formerly known as Twitter, Portnoy radiated excitement over the site’s regained independence. Neither Penn nor Portnoy disclosed terms of the divestment deal. Penn took a 36% stake of Barstool Sports in February 2020 for about $163 million and subsequently acquired the remainder of the company for about $388 million in February 2023. Penn also announced that it sold Barstool Sports, an irreverent sports media site, back to its founder Dave Portnoy. ESPN added that it will use its platforms “to educate sports fans on responsible gaming” - for instance by continuing to cover the sports betting industry with “journalistic integrity,” creating a “responsible gaming” committee within the company and developing marketing guidelines that “safeguard” fans.
