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 owner and operator of Barrett Sports Media. Prior to launching BSM he served as a sports radio programmer, launching brands such as 95.7 The Game in San Francisco and 101 ESPN in St. Louis. He has also produced national shows for ESPN Radio including GameNight and the Dan Patrick Show. You can find him on Twitter @SportsRadioPD or reach him by email at JBarrett@sportsradiopd.com.
FOX Will Use Chris Fallica On Belmont Stakes Coverage
“While the Preakness and the Kentucky Derby remain at NBC, The Belmont Stakes is moving to FOX as part of the network’s deal with the New York Racing Association.”
The Bear will be more than just a college football presence when he moves to FOX. Chris Fallica wrapped his final duties for ESPN last week and is now headed to a new network and will tackle some new responsibilities.
Fallica’s new role at FOX will involve plenty of sports gambling content. Richard Deitsch of The Athletic reports that content will include horse racing.
“One Fox Sports source said look for him to appear on the Belmont Stakes coverage,” Deitsch wrote in his weekly media column.
Starting in 2023, horse racing’s Triple Crown will not be seen all in one place. While the Preakness and the Kentucky Derby remain at NBC, The Belmont Stakes is moving to FOX as part of the network’s deal with the New York Racing Association.
How the network intends to use Chris Fallica on the broadcast is not clear. Given that he is coming to the network to contribute to gambling conversations, it is likely he would either be making picks or at least reviewing odds right up to the start of the race.
NBCUniversal CEO Expects Disney To Buy Company’s Hulu Stake
“Shell noted that live sports coverage is helping make the stake in Hulu a luxury for NBCUniversal.”
The Walt Disney Company owns 67% of Hulu. The other 33% is owned by NBCUniversal. The latter company doesn’t expect that to be the case forever.
“It’s worth a lot of money,” NBCUniversal CEO Jeff Shell said at an investor conference earlier this week, “and I think there’s no indication that anything else is going to happen than Disney writing us a big check.”
Hulu is primarily a platform for movies and television shows. It is a major part of Disney’s deal with the NHL though. The streaming giant is part of the package of 103 games that are exclusive to ESPN and ABC. Hulu is also a live TV provider for many. The company’s Hulu Plus Live TV package had over 4 million subscribers as of the summer of 2022.
Shell noted that live sports coverage is helping make the stake in Hulu a luxury for NBCUniversal. He credits sports and content migrated from Hulu as the reason Peacock has grown to 18 million paid subscriptions since September.
Deadline reports that if Disney does want to acquire NBCUniversal’s stake in Hulu, “the price could fluctuate but will be in the tens of billions of dollars.”
Greg Olsen Believes He and Kevin Burkhardt Can Handle Games ‘On Any Stage’
“Obviously, the bosses get paid a lot to make hard decisions. You have to obviously do what your bosses decide. We’ll cross that bridge when we get there.”
“If you’re asking me, I think Kevin and I have shown that we can handle a game on any stage – on any day. We just did it on Thanksgiving. We’ll do it again around Christmas. And obviously throughout the [NFL] Playoffs,” said Olsen. “So whatever decision they make. Obviously, the bosses get paid a lot to make hard decisions. You have to obviously do what your bosses decide. We’ll cross that bridge when we get there.
“But as of now, I anticipate Kevin and I, the two of us, with Erin and Tom down on the sidelines, the four of us, broadcasting the Super Bowl in February in Arizona. Until I’m told otherwise, that’s how we’re proceeding.”
Olsen also told FOS he has negotiated a new contract with FOX Sports, but declined to share details. He is slated to be replaced on the top broadcast crew once Tom Brady ends his playing career. Brady will then begin a 10-year, $375 million contract to serve as the network’s top NFL game analyst and brand ambassador.