Barstool Sports is Now Valued at $200 Million More Than What Jeff Bezos Paid for Washington Post
Barstool Sports, a sports blog that has grown to massive prominence by rejecting politically correct dogma, has been valued at a stunning $450 million, which is $200 million more than what Amazon founder Jeff Bezos paid for the Washington Post in 2013.
Penn National, a US-based Casino company, is buying a 36 percent stake in Barstool Sports worth a total of $163 million in combined cash and stock. They intend to launch a sports betting platform off of Barstool later in the year, and will use the brand in their casinos. Penn valued the company at $450 million after conducting their professional assessment.
The Chernin Group will be relinquishing their 60 percent stake of Barstool Sports as a result of the deal, which will be reduced to a 36 percent stake that matches Penn. Penn will increase their stake in the company to 60 percent and potentially bring another partner on board with an additional $62 million investment after three years.
Barstool is soaring as the mainstream media falters. Amazon founder Jeff Bezos bought the Washington Post in 2013 for $250 million, and it is propped up largely due to the immense wealth of the globalist oligarch rather than actual consumer demand.
As most sports brands have gone “woke” and embraced the leftist cult, Barstool has went in the opposite direction, and they are rising as their competitors implode:
The sports blog Deadspin, which is owned by G/O Media, is falling to pieces after an internal memo from management told writers to “stick to sports” due to a massive fan backlash against political content.
The entitled social justice warrior staffers have staged a revolt, with many quitting their positions rather than performing the jobs they were hired to do…
The Gizmodo Media Group union, which is apart of the Writers Guild of America East that unionized Deadspin writers last year, issued a message of solidarity to all of the writers taking a stand against doing their jobs.
“’Stick to sports’ is and always has been a euphemism for don’t speak truth to power,” they wrote, calling out G/O Media CEO Jim Spanfeller in particular for the policy.
“In addition to being bad business, Spanfeller’s actions are morally reprehensible,” the union claimed…
However, G/O Media claims that the changes they are making are in fact good for business. They are responding to market demand at a time when demand for “woke” sports media is in the toilet.
“In September, unsurprisingly, 24 of the top 25 stories on Deadspin were sports-related while non-sports content accounted for less than 1 percent of the page views on the site,” a spokesman for G/O Media said.
The spokesman added that “our writers have a free hand to cover the intersection of sports and politics, sports and pop culture, sports and business, or, frankly, just about any topic even tangentially related to sports.”
The market is deciding and that does not bode well for legacy media outlets and digital news sources that have embraced social justice dogma.