Barstool Sports founder Dave Portnoy bought back his company from Penn Entertainment for just $1, according to The Hollywood Reporter, which cited new securities filings on the sale. The deal is a shocking end to what was once seen as a potentially game-changing sports media partnership—Penn spent a whopping $551 million to acquire Barstool and said in Wednesday’s filing that it expects to stomach a $800-850 million loss on the deal. The company ditched Barstool to partner with ESPN and rebrand its sportsbooks. For his part, Portnoy called his re-acquisition a “win-win” for both parties and added that “regulated industry is probably not the best place for Barstool Sports and the content we make.”
