BOSTON (CBS) – A controversial and longtime Boston based website is heading to the home of the evil empire. WBZ business reporter Jeff Brown says Barstool Sports will soon call New York City home.
Barstool Sports has been a way of life for 20 million web browsers who check in every month.
Now, founder David Portnoy says he’s found someone he can work with and is selling a majority stake in the company.
“I love their expertise, I like the people I was dealing with,” Portnoy says.
Investors The Chernin Group is buying in, taking 51 percent ownership.
Michael Felger, Tony Massarotti, David Portnoy
“The fact that they, I really thought understood us, and had the same vision and understood our comedy, was very important,” he says.
It is a content based company, combining sports and humor.
“They believed in the content, and they didn’t want to change it,” Portnoy says, “and they made strong assurances that I’d be in 100% control of it. And they understood that it offends some people, we’ll probably get in situations where we offend people in the future.”
But Portnoy, who by the way has acquired the nickname El Presidente, knows his company is not quite there yet.
“As good as I think we are with the content side of things, we’re equally bad with technology, distribution, sales, production,” he says.
The deal puts a value on Barstool Sports of up to $15 million but for Portnoy, who calls Boston home, moving to the Big Apple was not his first choice.
“I do not like New York,” he says. “I am not excited necessarily about the prospect of living there.”
But it makes sense.
“We’re trying to get celebrities and media talent to be part of what we do,” he says.
But let’s get back to the nickname – El Presidente.
“I don’t know if I like it or don’t like it, it didn’t work when we started and it doesn’t work now, but it’ll probably stick.”
The move will be completed he hopes in the spring.
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