Barstool Sports is set to go through major layoffs.
According to a report Wednesday from Andrew Marchand of the New York Post, the company is bracing to lay off 100 employees.
That figure would be “nearly 25 percent,” according to Marchand.
NEWS: Barstool Sports will lay off nearly 25 percent of its employees, The Post has learned.
That will impact around 100 people.https://t.co/GGNSaJ9hkm
— Andrew Marchand (@AndrewMarchand) August 30, 2023
David Portnoy recently suggested that the company would undergo this exhaustive process. In fact, he went so far as to say they were going through that process now. So news of these layoffs doesn’t come as much of a surprise as much as it’s an unfortunate reality.
Recently, Portnoy said that before he bought Barstool back, the company was “losing millions of dollars.” Portnoy had purchased Barstool from Penn Entertainment after their experiment with their Barstool Sportsbook ended in transitioning to ESPN’s own app, ESPN Bet. Penn sold Portnoy Barstool back to him for $1.
The entertainment company suggested that they would lose roughly $850 million in losses.
Layoffs have run roughshod on the media industry over the past few years. Lately, it’s been even rougher. ESPN recently let go of numerous on-air talents, including Jeff Van Gundy and Suzy Kolber. Vox Media has seen massive layoffs and numerous SB Nation sites being left to collect dust in the Internet’s airspace. Barstool Sports isn’t immune to this process, it seems, as they are going to get gutted with a near-25-percent layoff.