4 ms·
Is it saddled with debt, because that's the only way I can imagine it being sold for that much.
by drumhead 3y ago
Is it saddled with debt, because that's the only way I can imagine it being sold for that much.
- johnbellone 3y agoI doubt it, the Levine article lays it out quite nicely. ESPN is acquiring (partnering?) the sportsbook and is going to rebrand it. Penn sold the Barstool media/brand business back to Portnoy for $1 and preferential liquidation rights (50%) in any future sale. They don't need it anymore. Give it back to the guy that grew the business to $500M+ and let continue to do it for 50% of any future sale. I'd be long on that bet any day of the week.