Barstool Sports may not be everyone’s cup of tea but that’s just fine with their majority owner Chernin Group. The investment firm led by former News Corp. executive Peter Chernin has pledged another $15 million dollars to the company in order to help it pursue new business opportunities. Among the possibilities include branded alcohol, its own bar and expanding the recently acquired Rough N Rowdy boxing promotion.
In recent years, a number of media brands have been negatively affected by failing stock prices, staff reductions, and bankruptcies. Despite a challenging business climate, Barstool is going the opposite direction, making further investments in itself and its people. The company plans to double its staff to 160, with a focus on adding more writers, video producers and podcast hosts. Barstool CEO Erika Nardini says the company will also tap into the subscription business further by offering fans exclusive content tied to their podcasts or online Q&As with talent and personalities.
According to Bloomberg, the latest funding increases Barstool Sports’ value to roughly $100 million dollars. Although that number is tremendous for an upstart company, it pales in comparison to other groups like Vice Media (5.7 billion) and BuzzFeed (1.7 billion).
“The company has far exceeded our plans and all our models,” Mike Kerns, president of digital at the Chernin Group told Bloomberg. “There are a lot more areas we need to invest in.”
Barstool president Dave Portnoy says the latest funding provided by Chernin Group allows the brand the freedom to continue following its instincts. Over the next three to five years, Portnoy hopes to increase the brand’s value to $250 million. To celebrate the news, Portnoy is reposting a few of his earlier Barstool State of the Unions. You can check them out by clicking here.
Jason Barrett is the President and Founder of Barrett Media since the company was created in September 2015. Prior to its arrival, JB served as a sports radio programmer, launching brands such as 95.7 The Game in San Francisco, and 101 ESPN in St. Louis. He also spent time programming SportsTalk 950 in Philadelphia, 590 The Fan KFNS in St. Louis, and ESPN 1340/1390 in Poughkeepsie, NY. Jason also worked on-air and behind the scenes in local radio at 101.5 WPDH, WTBQ 1110AM, and WPYX 106.5. He also spent two years on the national stage, producing radio shows for ESPN Radio in Bristol, CT. Among them included the Dan Patrick Show, and GameNight.
You can find JB on Twitter @SportsRadioPD. He’s also reachable by email at Jason@BarrettMedia.com.
