Last month, a report came out that The Chernin Group, who bought Barstool Sports in 2016, may be looking to a gambling operator to potentially expand Barstool’s sports betting presence.
A new report has now emerged saying that Barstool has been sold to a company near Philadelphia called Penn Interactive Ventures.
Chernin invested an additional $15 million into Barstool last year, so a potential majority sale would have to be very sizable for Chernin to relinquish control of the company.
One theory is that the newer Barstool Bets App could be the centerpiece of the sale, potentially selling to a developer that could take the app to the next level.
There is only one report out there at the time of this writing. Check back for updates, as this may be far from a done deal.
Barstool Sports founder Dave Portnoy and CEO Erika Nardini would likely have to be on board if a new group is to be involved. Portnoy has taken Barstool from a local newspaper to a nationally branded content company with the help of Nardini. When Chernin purchased the majority of Barstool from Portnoy, Portnoy was to keep 100% control of the company’s creative.