Barstool Sports just sold a 36% equity stake, increasing to 50% over the next 5 years with a valuation of the company @ $450 to Penn National Gaming.
If this is not an example of how powerful branding can be, what is? Barstool Sports started as a ‘gambling rag’ 17 years ago. They obsessed about branding, marketing & content. They spend, share and create in a time when traditional media companies are dying by the day. For example, iHeartMedia ‘shocked’ the country with their massive layoffs on Jan 15th. Deadspin, the once proud media company is defunct as of November 1, 2019. Newspapers have well-known struggles with subscriptions, but one newly acquainted ‘media-giant’ stands tall & proud this week as an outcast from the Super Bowl media circle. Barstool Sports, using brand awareness as one of the keys to their success is now one step closer to buying the moon.
The company is currently running 23 ads for merchandise on Facebook & Instagram alone.
On the surface it might look like only selling ‘merch’, but it is seeing the brand, clicking on the site & ad views. I model so much of the attitude towards CIL’s future success around what Barstool Sports is doing, how they do it & the drive they have to become the best. This is a great day for those that want to achieve, promote & celebrate success. Some may not approve of some of their tactics and I can understand that. However, this is nothing short of an incredible American success story and should be an inspiration to every true entrepreneur.