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Discussion in 'Journalism topics only' started by Regan MacNeil, Jan 30, 2020.

  1. Songbird

    Songbird Well-Known Member

    LOL that really is (today's) The World's Greatest Coincidence.

    Not as good as my Kajagoogoo coincidence a few months ago but still pretty good.

    And it's silly stupid funny because who doesn't want to catch their dog's shit in mid-air?

    Tell you what ... Magary isn't going to take Portnoy selling for $450 million laying down.

    This whatever blog is the start of Deadspinners 2.0. You can smell it like fresh dogshit in your hand.
  2. Sports Barf

    Sports Barf Active Member

    I don’t think anyone cares anymore to be honest. Barstool won, Deadspin lost
  3. Songbird

    Songbird Well-Known Member

    The male ego ...
  4. Raven

    Raven Well-Known Member

    Fuck Barstool.
  5. Elliotte Friedman

    Elliotte Friedman Moderator Staff Member

    If I sold anything for $450M, I wouldn't care what anyone thought
  6. 3_Octave_Fart

    3_Octave_Fart Well-Known Member

    The Deadspin writers need attention again. Please give it to them before they throw their food at the wall.
    Sports Barf likes this.
  7. Sports Barf

    Sports Barf Active Member

    Sure, fuck them. Fuck them all. Scoreboard still says they won by forfeit
  8. Songbird

    Songbird Well-Known Member

    How much of the 450 million bucks does Portnoy get?
  9. Regan MacNeil

    Regan MacNeil Well-Known Member

    There's no way he didn't have a bunch of financial backing to make Barstool last this long, so probably not as much as Stoolie sycophants think.
  10. The Big Ragu

    The Big Ragu Moderator Staff Member

    In answer to the $450 million question. ...

    Portnoy had already sold a majority stake at a valuation in the low tens of millions of dollars to Peter Chernin several years ago. So he isn't seeing anything near $450 million.

    The employees of Barstool retain only 28 percent of the company in this latest deal, and that includes people other than Portnoy.

    It also isn't a straight check being cut for $450 million for a 100 percent stake. Penn National is buying a 36 percent stake up front, and that is being paid for with convertible preferred stock of Penn National in addition to cash; the cash stake is $135 million. In three years, they are committed to bringing their stake up to 50 percent with $62 million. At that point they have call rights to buy more and make themselves the majority owner. ... but only if they choose.

    What that means to Portnoy? ... he probably pocketed $10 to $20 million when he sold to Chernin. He'll likely see millions of dollars on this sale, but not the hundreds of millions people have been assuming. The site brought Portnoy a lot of money. But Peter Chernin is the one who is going to see the bulk of the money from the sale at the ridiculous valuation.
  11. Inky_Wretch

    Inky_Wretch Well-Known Member

    Anybody who supports the Stoolie mentality is the real loser here.
  12. Songbird

    Songbird Well-Known Member

    LOL OK, Dave.

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