Barstool Sports is the latest digital media company to undergo layoffs.
Founder Dave Portnoy revealed the news on a video on Barstool’s own YouTube channel.
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“I’ve been very clear, to anyone who has paid attention, we are going to have layoffs and cuts and it’s started and it sucks. People who know me from the beginning know that I hate firing people,” he said. “Having said that, it’s a no brainer… because otherwise nobody will have jobs so we have to get back to a breakeven thing, we’re losing a lot and it sucks.”
Portnoy said that Matt Fitzgerald, who was hired as a newsletter writer, and has been an NFL blogger for Barstool, was one of those cut.
It comes after Portnoy bought the site back from Penn Entertainment for $1 after the latter struck a deal with Disney. It comes after Penn bought Barstool for $551M.
Peter Chernin’s Chernin Media Group had previously bought a 51% stake in Barstool in 2016.
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