Dave Portnoy is also known as "El Presidente" and "Stool Presidente" and is a controversial figure within the world of sports and digital media. Barstool Sports was founded by Portnoy who has entirely changed the way sports are covered. Dave has built an empire that now includes multiple sites and podcasts, as well as merchandise, video on demand and more. Dave is also well-known for not giving up on the fight. Just a few months ago, the actor started a highly socially-conscious twitter battle against Congresswoman Alexandra Ocasio-Cortez. A lot of journalists were involved despite Portnoy and Barstool in general. The people who hate Barstool will be stunned today. It was reported earlier in the day that Penn National Gaming Company had purchased a 36% stake at Barstool that is worth $450 million. Penn National will pay $163 million in cash today. Penn National is set to pay $163 million in cash today. They can choose to put in $62 million over three years in order to increase their stake to 50%. This is not Barstool's first major transaction. In January of this year, The Chernin Group paid $10 - $15 million for what later grew to be 60% stake as well as an investment of $25 million in Barstool. After today's transaction, Penn National and Chernin will each own 36% stakes.
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