Dave Portnoy (Facebook)
Dave Portnoy has only been back in as owner of Barstool Sports for a few weeks and his employees may already be regretting it. Barstool is letting go of 25% of its employees as part of new efforts to deal with shortfalls.
“I’ve been very clear, to anyone who has paid attention, we are going to have layoffs and cuts and it’s started and it sucks. People who know me from the beginning know that I hate firing people. You can be incompetent, not work and I generally don’t fire because I hate it so much. It’s the worst thing to f—ing do.” said Dave Portnoy about the layoffs in a video posted to Barstool Sports’ YouTube channel. “Having said that, we’re in a position it’s a no-brainer. It’s not like I have that moral, ‘Well, you can’t do it because nobody will have jobs. We’ll all not have jobs.’ So, we have to get back to a break-even thing. We’re losing a lot, and it sucks.”
Dave Portnoy bought back Barstool Sports earlier this month for just $1 from Penn Entertainment, which had spent a total of $551 million in acquiring it. In 2019, Penn Entertainment paid Portnoy $163 million for a 36% stake in the firm. And then earlier this year it paid another $388 million for the rest of Barstool Sports. Penn unloaded Barstool because it expected the company to lose as much as $800 million.
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Founded in 2003 in Milton, Massachusetts, Barstool Sports is a digital media company that produces content focused on sports and pop-culture.
David Portnoy is an American businessman, blogger, and podcaster. He is the founder and owner of Barstool Sports, a sports and pop culture blog. Portnoy is known for his controversial and outspoken personality. He has been criticized for his comments about women and minorities, but he also has a large and loyal following.
Dave Portnoy was born in Swampscott, Massachusetts, in 1977. He attended the University of Michigan, where he graduated with a degree in finance. After college, Portnoy worked as a financial analyst before starting Barstool Sports in 2003.
Barstool Sports quickly became popular with college students and young adults. The site features a mix of sports news, commentary, and humor. Portnoy is the face of Barstool Sports and is known for his “One Bite” pizza reviews, in which he gives his opinion on different pizzas.
