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What are David Portnoy’s net worth and salary?
David Portnoy is an American sports media personality and internet tycoon with an estimated net worth of $80 million. Portnoy is the founder of Barstool Sports, a digital sports conglomerate. Throughout two transactions, he parted with pieces of Barstool. The Chernin Group purchased a majority stake in the company in 2016. Penn Gaming paid $163 million for a 36 percent stake in the company in January 2020. Later in this article, we’ll discuss these transactions and their effect on Portnoy’s wealth.
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David Portnoy
| Net Worth: | $80 Million |
| Date of Birth: | Mar 22, 1977 (45 years old) |
| Gender: | Male |
| Profession: | Businessperson |
| Nationality: | United States of America |
Early Life
David Portnoy was born in Swampscott, Massachusetts, on March 22, 1977. In 1999, he earned a degree in education from the University of Michigan after graduating from Swampscott High School.
The Yankee Group, an IT market research firm, hired him after he graduated from college in Boston.
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— Yes No (@yesnooriginal1) April 10, 2020
Barstool
As a print publication, Barstool Sports was launched by Dave in 2003. Fantasy sports predictions, gaming ads, and sports coverage were all included in the paper’s offerings. In 2007, the website went live. Barstool Sports would become an unlikely sports media powerhouse in the next decade. It was common knowledge that Portnoy worked long hours on weekends and holidays in the early days of the site.
Dave is known as “El Presidente” or “Stool Presidente” on the website. Sports snark and hot women are mixed on this website. “ESPN and Girls Gone Wild” have been compared to the brand. Barstool Sports is one of the most popular sports websites on the internet today because of this combination.
The “One Bite with Davey Pageviews” pizza review series was launched by Portnoy in 2017. The show’s unstated objective is to evaluate every pizzeria in Manhattan.
Chernin Acquisition
In January 2016, it was reported that Peter Chernin’s The Chernin Group had purchased a majority stake in Barstool for $10 to $15 million. By 2018, Chernin had invested $20 to $25 million to raise his stake in the company to 60%. When it came to creating the company’s content, Portnoy was in charge of everything. This included everything from the podcasts to the gambling games to the merchandise to the booze brands to the TV shows.
Penn National Acquisition
Penn National Gaming purchased a 36% stake in Barstool Sports for $450 million in January 2020. A total of $163 million in cash will be exchanged in the beginning. Increasing its stake to 50% would require Penn National to pay an additional $62 million over three years. The Chernin Group’s 60 percent stake was reduced to 36 percent after the initial deal was closed, matching Penn National’s stake. Some of the company’s top executives, including CEO Erika Nardini, still own the remaining 28%.
Shares of the company shot up to a record high of $38 in the days following the announcement. In the wake of the worldwide outbreak of the Coronavirus, Penn’s stock took a nosedive. By the 17th of March, the stock had dropped to $7 a share in the company. That’s an 81 percent decrease from the peak of the market.
As of May 10th, it was trading at around $20 per share. Toward the end of the month, it had risen to around $50 per share. The price of a share had risen to over $100 by January 2021.
Stock Holdings
Approximately $23 million was given as convertible preferred stock and $3 million was set aside as “forward arrangements,” according to a Penn Gaming 10-Q SEC filing for Q1 2020. The convertible stock can be converted into 883,000 Penn Gaming shares or about 0.5% of the company’s market capitalization.
Penn Gaming has a market capitalization of $10 billion as of this writing. To put it another way: at that price point, a 0.5% stake would be worth $50 million. According to reports, Dave owns a third of that company or about $16 million in today’s dollars. In addition to his remaining $90 million stakes in Barstool, Dave Portnoy’s net worth is estimated to be $100 million.
The Barstool Fund
Dave donated $500,000 to the Barstool Fund in 2020, when the COVID-19 pandemic was at its peak, to help small businesses affected by the crisis. About 350 small businesses received money from the fund over the years.
Personal Life
Renee Satterthwaite was Portnoy’s wife from 2009 until 2017.
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