For sure.
Considering PMT is their biggest asset, Dan is one of his best friends, and Portnoy just pledged to give Dan/his kids the company when he dies.... I'm guessing PMT won't be on the chopping block.
Getting rid of top talent would be the stupidest thing he could do, especially a guy as universally loved as Big Cat (and PFT for that matter). I’m sure there are plenty of fringe shows / talent they can get rid of without many noticing but PMT, Chiclets, and I’m sure a few other big ones are definitely safe.
I've seen the numbers all over the place and went with the lowest/conservative number. You may be right, it feels like the net worth of $2 million shown on the Googles for Dan is quite low!
Good thread here. Apparently the non-compete does indeed prevent Barstool from getting ad money from other gambling companies.
Klemmer and Frank the Tank are great Twitter fodder. Very entertaining.
Maybe? Do we know if Barstool is cash flow positive? They were backed by PENN and seemed to grow meaningfully. Now they lost their backing, lost their ability to get gambling advertisers, their daily active user rate was shown to be inflated. Seems like he’s got a lot of work ahead of him to reel in expenses, save the revenue and attempt to keep their content relevant at a time when the content market is being inundated with competition from other podcasts, streaming, and other endeavors seeking eyeballs/ears.
They are not out of gambling. PMT spent several minutes talking about gambling today. They cannot directly monetize from other gambling companies through partnerships and advertising with non-PENN entities.
I think the sports betting boom created some crazy valuations that we'll never see again. Saturday Down South, a thoroughly mediocre college football blog was purchased for eight figures. There is still some money to be had there, but presumably the non-compete has cut off that money spigot for Barstool.
It's a little like Elon buying
I don't get the sense that Florida is going to grant a gaming license to Disney or Penn acting as a affiliate of Disney any time in the near future. California could be an option, but the sports betting proposition failed by a significant margin there.
Saw on Twitter the expectation is that they won't be able to open a Sportsbook but many think they will still be able to get gambling ad revenue from non-PENN entities (I can't imagine ESPN BET would ever advertise with Barstool so I'm sure that's out). Also, non-competes also don't last forever.
No doubt. Though given the non-competes, mostly failed attempt to go mainstream, and having to give PENN 50% of any future sale, it's pretty clearly worth FAR less than 500-600M valuation it had.
They can’t sell but could they license the shows? Also, is it a fact that the noncompete Includes advertising? I saw one guy saying that but how do I know he is right? How long is the noncompete?
Don't know length and I've seen mixed things re:advertising.
Gotta admit that's kinda funny.
I think Barstool still has a broad appeal to people in their 20s. I think eventually people grow up and will become annoyed with the frathouse nature of it, but if they can continue to fine new faces to reach younger audiences, it can be successful. The average person doesn't have any idea about PENN, ESPN or Portnoy regaining ownership of the company.
I am not 20, but I'll observe that their aggregation style works well on TikTok -- reposting funny things on their channel and/or doing reactions to those things. I also noticed that some Barstool guys do not make it obvious who they work for on their personal channels, so I found myself enjoying their content without realizing it was (technically, I think) Barstool content.
As Darren Rovell once put it, "I feel bad for our country. But this is tremendous content."
I teach at a college in the south and have seen a number of barstool laptop stickers and clothing on students, mostly male but some female.
Do blogs generate significant revenue? Who is still reading blogs? Who even goes to Barstool’s website?
