The $1 Buyback: What Is Barstool Sports And Why Did Dave Portnoy Get It Back For A Dollar?

Barstool Sports is an American digital media powerhouse that has successfully blended sports journalism, pop culture commentary, and irreverent comedy, creating a massive, loyal following known as "Stoolies." As of December 2025, its identity is defined not just by its controversial and highly engaging content, but by one of the most dramatic ownership sagas in modern media history: the $1 buyback by its founder, Dave Portnoy. Founded in 2003 as a small, local newspaper in Boston, Barstool has exploded into a multi-platform company headquartered in Chicago, publishing daily blogs, podcasts, videos, and social media content that spans everything from sports betting and college life to pizza reviews and political commentary. The company’s unique, unfiltered voice and its ability to constantly generate viral moments have made it a dominant force in the digital landscape, despite—or perhaps because of—its frequent controversies.

The Man Behind the Media Empire: Dave Portnoy Biography

The story of Barstool Sports is inextricably linked to its charismatic and often polarizing founder, David Scott Portnoy, better known as "El Presidente."

• Full Name: David Scott Portnoy
• Nickname: El Presidente, Davey Day Trader
• Born: March 22, 1977, in Swampscott, Massachusetts
• Education: University of Michigan (B.A. in Education, 1999)
• Early Career: Worked at a Boston-based investment research firm, Yankee Group, after college.
• Barstool Founding: Launched *Barstool Sports* in 2003 as a free, black-and-white newspaper distributed in the Boston metropolitan area, initially focusing on sports gambling and fantasy sports.
• Digital Pivot: Transitioned the company fully to a digital blog and website in the mid-2000s, capitalizing on the rise of the internet and social media.
• Notable Ventures: Creator of the "One Bite" pizza review series and the "Barstool Fund" for small businesses during the COVID-19 pandemic.
• Ownership Saga: Sold a majority stake to The Chernin Group (2016), then sold 100% of the company to Penn Entertainment (2020-2023) for a total valuation of approximately $550 million. He dramatically bought the company back for $1 in August 2023.
• Current Role: Sole owner of Barstool Sports.

The Content Machine: Podcasts, Personalities, and Pop Culture

Barstool Sports’ success is built on a massive volume of innovative, comedic, and highly shareable content across every major digital platform. The company's strategy is to hire and empower distinct personalities—known as "Barstool talent"—to create their own brands under the Barstool umbrella. This has created a network of niche communities that drive incredible engagement and topical authority across a wide range of subjects.

Key Barstool Content and Personalities

The company's output is dominated by a slate of wildly popular podcasts and video series that generate hundreds of millions of downloads and views annually.

• Pardon My Take (PMT): Hosted by Big Cat (Dan Katz) and PFT Commenter, this is arguably the most popular sports podcast in the world, blending satire, interviews, and sports analysis.
• Call Her Daddy: While the original host, Alexandra Cooper, left to sign a major deal with Spotify, the show was a foundational example of Barstool's ability to create massive, culture-defining podcasts.
• Spittin' Chiclets: A highly successful hockey-focused podcast hosted by former NHL players Ryan Whitney, Paul Bissonnette, and others.
• The Rundown: A daily video and podcast series featuring Portnoy, KFC (Kevin Clancy), and others, offering quick-hit takes on the latest news and viral highlights.
• One Bite Pizza Reviews: Dave Portnoy’s personal brand-defining video series where he reviews pizza from around the country, using his iconic "One Bite, Everybody Knows the Rules" catchphrase.

The content is often polarizing, characterized by a raw, unedited style that appeals directly to a young, male-dominated demographic. This "by the common man, for the common man" approach has given the company a unique edge over traditional sports media.

The $550 Million Sale and the Shocking $1 Buyback

The most important and current event defining Barstool Sports in the mid-2020s is the dramatic change in ownership, which completely reframed its valuation and future. This saga is essential to understanding "what is Barstool" today.

The Penn Entertainment Era

Between 2020 and 2023, the casino and racetrack operator Penn Entertainment (formerly Penn National Gaming) acquired 100% of Barstool Sports in a series of transactions that valued the company at approximately $550 million. The primary goal of this acquisition was to integrate the Barstool brand and its massive user base into Penn's sports betting and online gambling operations, creating the Barstool Sportsbook. This was a massive bet on the media company's ability to drive traffic directly to a regulated gambling product.

The Dramatic $1 Buyback

In August 2023, the partnership came to a stunning conclusion. Penn Entertainment announced that it was selling 100% of the outstanding shares of Barstool Sports back to founder Dave Portnoy for a symbolic price of just $1. The reason for this unprecedented transaction was primarily regulatory. Penn Entertainment was shifting its sports betting strategy and entering a new, massive partnership with ESPN to create ESPN Bet. To secure this deal, Penn needed to divest itself of Barstool Sports. The regulatory and licensing challenges associated with the Barstool brand—due to its controversial content and personalities—were deemed too great a hurdle for the major ESPN partnership. The terms of the buyback were highly favorable to Portnoy: * He reacquired full, sole ownership of the company. * Penn received the right to 50% of the gross proceeds from any future sale of Barstool Sports. * Portnoy is restricted from selling the company to a gambling operator or using the brand for gambling content for a period of time. This move instantly made Portnoy the sole owner again, returning the company to a private entity status and giving him complete creative control. He immediately stated that Barstool would return to doing "what we do best," suggesting a renewed focus on unfiltered content without the constraints of a publicly traded, highly regulated gambling partner.

The Future of Barstool: Back to the Streets

With Dave Portnoy back at the helm as the sole owner, the company is focused on content creation and brand building. The $1 buyback signifies a return to the company’s roots as a pure-play digital media entity, free from the regulatory pressures of the gambling industry. The company continues to expand its reach through strategic content partnerships, such as a recent deal with Fox Sports to integrate Barstool talent into college basketball coverage, including the College Basketball Crown tournament. This shows that despite the ownership drama, Barstool’s brand power and distribution remain highly valuable in the media landscape. In essence, Barstool Sports remains a cultural phenomenon—a digital media company that thrives on controversy, comedy, and a direct connection to its audience. The $1 buyback is not a sign of failure, but a strategic pivot that has freed the company to pursue its original, unfiltered vision under the leadership of its original founder, ensuring its continued relevance in the ever-evolving world of sports and pop culture.