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Episode 650 | "Rat Cast"
The Joe Budden Podcast
Pen Entertainment's Bar Stool Acquisition Continues to Make Money for Dave Portnoy
Dave Portnoy started bar stool two decades ago as a newsletter distributor at tea stops around Boston. The executive reportedly sold about 51 percent of bar stool in 2016 to the churning group for roughly five to eight million dollars Based on reports at the time if Portnoy still owned 49% when pin brought bar stool in a series of transactions starting in 2020 He may have collected another 230 million about half of the cash pin paid out on top of stock for bar stool. Meanwhile pen a publicly traded company is taking a loss as high as 850 million on bar stool in order to flip its sports books to the ESPN bet brand. New York is the biggest opportunity here I wrote stifle analyst Steven something
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