David Scott Portnoy who is better known as David Portnoy is an American blogger, and internet star. He also founded the sports and pop culture blog Barstool Sports.
What Is the Net Worth of David Portnoy?
According to Celebrity Net Worth, David Portnoy has an estimated net worth of over $100 million. In 2016, he sold portions of Barstool over two transactions to The Chernin Group. In January 2020, Penn Gaming bought a 36 percent stake for $163 million from the founders.
David Portnoy was born and brought up in Swampscott, Massachusetts on March 22, 1977. He is the child of Michael and Linda Portnoy.
He went to attend Swampscott High School and later, in 1995, he attended the University of Michigan and completed his graduation from here in 1999. Following his graduation, he relocated to Boston where he started working in an IT market research company named Yankee Group.
In 2009, Portnoy got married to Renee Satterthwaite and the couple got separated in January 2017.
In 2020, he donated $500,000 to The Barstool Fund as a relief attempt for small businesses that were affected due to the coronavirus pandemic. As of May 2021, the campaign raised an amount of more than $39 million for 348 businesses.
In 2003, Dave established Barstool Sports as a print publication for the Boston metro region. The paper delivered fantasy sports estimations, gaming commercials,s, and sports coverage.
Later, in 2007, the website was launched and over the next decade, Barstool would develop into an unexpected sports media powerhouse. During the early days of the site, Portnoy used to work for more than 10 hours each day on a regular basis, whilst still working on weekends as well.
On the site, Dave goes by the title “El Presidente” or “Stool Presidente”. The site is a combination of snarky sports coverage and impressive women.
The brand has been explained as a combination between “ESPN and Girls Gone Wild.” This mixture is ultimately performing well, as Barstool Sports is one of the most well-known sports sites on the internet today.
Portnoy introduced a pizza review series called “One Bite with Davey Pageviews” in 2017. The informal objective of the show is to review every pizza place in Manhattan.
Penn National Acquisition
In early 2020, Penn National Gaming bought a 36 percent stake in Barstool Sports at a valuation of $450 million and the net amount of cash paid initially was $163 million. Penn National is able to pay another $62 million in three years to bring its stake up to 50 percent.
Following the close of the initial deal, the 60 percent stake of Chernin Group had been declined to 36 percent, matching Penn National’s stake. The rest of the 28 percent is still held by Portnoy and a number of key executives like CEO Erika Nardini.
During the period just following the declaration shares increased to an all-time high of $38. Sadly, Penn’s stock crashed due to the COVID-19 pandemic worldwide. And as of March 17, the stock had fallen down to $7 per share which is an 81% decline from the peak.
As of May 10, it again started to rise back up to about $20 per share and after two months, became more than doubled to nearly $50 per share. By last January, it had soared to more than $100 per share.
Must go for: venturejolt.com.
As per a Penn Gaming First Quarter 2020 10-Q SEC filing, among the $163 million in cash, nearly $23 million was provided as convertible preferred stock whereas $3 million was kept aside as “forward arrangements”.
The convertible stock can apparently be converted into nearly 0.5 percent of Penn Gaming’s market ceiling or 883,000 shares of Penn Gaming.
At the time of writing this article, Penn Gaming’s market ceiling is $10 billion. So, a 0.5 percent stake would be worth $50 million at that level. According to reports, Dave owns one-third of that stake which turns out to be approximately $16 million at today’s levels.
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