Barstool Sports is going through a significant layoff process.
The New York Post reported on Wednesday that the digital media company is bracing to lay off nearly 25 percent of its employees. Media reporter Andrew Marchand said a figure of 100 people were set to lose their jobs.
The company recently underwent a transaction back to David Portnoy, who bought it back from Penn Entertainment for $1.
On Thursday, CEO Erika Ayers Badan commented on the layoffs that Barstool was undergoing.
“Over the years, we’ve hired and trained the best of the best,” Ayers said in a statement on X. “It’s sad we have to let some of those people go. I urge any company that can hire them to do so. They’re all stars.” Ayers’ post on X also included a memo to employees.
Over the years we’ve hired and trained the best of the best. It’s sad we have to let some of those people go. I urge any company that can hire them to do so. They’re all-stars. pic.twitter.com/cE2fh7gkLD
— Erika (@erika_) August 31, 2023
“We are letting go a lot of good people today – people who worked hard and alongside us. Everyone whose job has been affected has been notified and will be contacted by HR today to cover the details of their separation. This is a really hard day involved,” the statement read.
Portnoy claimed the company was losing “millions of dollars” before he bought it back from Penn Entertainment. Barstool’s reputation was impacting Penn’s ability to operate in the gaming space and the parent company was reportedly writing down the sports and entertainment company to the tune of $800 and $850 million.
At the time, Ayers Badan commented on that decision to sell, claiming Barstool was “antithetical” to what Penn wanted to accomplish.
