Not three weeks after buying back Barstool Sports from Penn Entertainment for $1, founder David Portnoy is laying off a slew of employees — reportedly around 25%.
Portnoy — who founded Barstool in 2003 as a free sports and gambling newspaper and sold it to Penn for about $550 million after the site evolved into an entertainment behemoth boasting 200 million followers — said if he did not get rid of some people, everyone would lose their jobs.
Advertisement
“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,” he said on Barstool Sports Radio on Tuesday.
The site has more than 100 shows and 90 personalities and influencers delivering content via podcasts, video, social media, live events, pay-per-view and swag for sale — “solidifying its position as a multimedia powerhouse,” Penn said when it paid $388 million for the portion it didn’t already own back in February 2023.
Advertisement
“No one likes having to let people go, but we had to make some cuts,” read the caption on a YouTube clip from his show, titled, “Why Layoffs Are Coming To Barstool Sports.”
Portnoy has previously come under fire for racist, anti-union and sexist remarks.
“People who know me from the beginning know that I hate firing people,” he said. “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.”
With News Wire Services
Barstool Sports founder Dave Portnoy announces layoffs
- Advertisment - 
Recent Comments
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CBS Sports announces Matt Ryan will join NFL studio show. Longtime analysts Simms and Esiason depart
on Carlos Sainz’s Soccer Fanboy Emerges as Spaniard Shares Defining Moment With This Real Madrid Legend
on Biden: ‘At this point I’m not’ planning to visit East Palestine, Ohio, after toxic train derailment
on ‘Best Intention’: Chris Kirk Has Absolute Trust in Jay Monahan and PGA Tour’s Widely Debated Model
on Ahead of big sports weekend, dispute with Disney leaves millions of cable subscribers in the dark
on A heavy wave of Russian missile attacks pounds areas across Ukraine, killing at least 4 civilians
on 2024 Super Bowl: CBS Sports Network and CBS Sports HQ to combine for 115 hours of weeklong coverage
on 2023 NFL All-Rookie Team: CBS Sports draft expert, former GM unveil league’s best first-year players
on Army vs. Coastal Carolina live stream, how to watch online, CBS Sports Network channel finder, odds
on AL Rookie of the Year Julio Rodriguez Spreads Joy and Sportsmanship to the Youth of Loma de Cabrera
on After UFC Fallout, Conor McGregor Offers a Valuable Piece of Advice to Free Agent Francis Ngannou
on Dubai International Airport sees 41.6 million passengers in first half of year, more than in 2019
on Devout athletes find strength in their faith. But practicing it and elite sports can pose hurdles
on Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
on Dave Portnoy: Taylor Swift’s security should ‘drag Kim Kardashian to jail’ if she attends Eras Tour
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CBS Sports, Serie A announce new TV rights deal; Paramount+ to air over 400 Italian soccer matches
on Cam Newton’s Violent Public Incident Draws Hilarious Reaction From 3x All-Star: “Where Do I Sign Up
on Boston College vs. Army live stream, how to watch online, CBS Sports Network channel finder, odds
on Angel Reese Launches Foundation Dedicated To Empowering Women Through Sports & Financial Literacy
on A weaker dollar, skyrocketing prices and ‘record’ visitor numbers: Good luck in Europe this summer