4: Barstool Sports' Chicks In The Office on Negotiating Contracts, Dave Portnoy, & what's next!
Trading Secrets
Audioboom Studios
4.9 • 5.7K Ratings
🗓️ 7 June 2021
⏱️ 77 minutes
🧾️ Download transcript
Summary
From college drop outs to media superstars at Barstool Sports, Ria and Fran, from the successful podcast “Chicks in the Office” break it all down. They delve into their branding, launch, and contract negotiations, sharing behind the scenes details of Barstools success, leadership and work culture.
Produced by Dear Media.
Transcript
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| 0:00.0 | Welcome back to another episode of Trading Secrets on your host, Jason Tarnick. |
| 0:20.2 | And today we have the honor of talking both dollars and career sets with one of our |
| 0:26.7 | stool media's biggest shows and personalities. We're discussing all things, business, podcasting, |
| 0:33.5 | media, creating a pretty badass brand while this is pretty cool taking a very, very non-conventional |
| 0:40.1 | and unorthodox career path to the top. With none other than the highly entertaining chicks in |
| 0:47.2 | the office, Rhea and Fran. What's cool is you'll hear them in this episode say, I love this interview |
| 0:54.1 | because these are things we very, very rarely talk about, which is exactly what we're trying to do. |
| 1:01.1 | And we drilled down into just how the hell chicks in the office went from being college dropouts |
| 1:07.5 | in terms. Bar stool full-time contracts, getting their first contract, renegotiating their second |
| 1:14.2 | contract, which I'll explain in and they'll tell us how much more that was in the first contract, |
| 1:20.0 | all in literally less than a time it would have taken them to finish their degree. |
| 1:25.9 | It's absolutely wild. Now before I ring in the opening bell, I want to quickly talk about |
| 1:30.9 | the big money in finance play that happened with Barstool Sports. January 29th, 2020, |
| 1:36.5 | a company called Penn National Gaming, which is traded in the market right now. Their ticker is |
| 1:41.5 | Penn, P-E-N-N if you want to look them up. They acquired 36% ownership of Barstool for $163 million |
| 1:51.5 | in cash and in stock. And then in January 2023, okay, so that's going to be three years from that |
| 1:58.6 | acquisition. From the original acquisition, Penn will pay another 62 million to increase its |
| 2:05.2 | stake of Barstool from 36% to 50% ownership. So this acquisition suggests that at that time, |
| 2:13.5 | Barstool, right? This company, this little internet company. And let me quickly just tell you how |
| 2:18.4 | they started just to give you a little inspiration. Dave Portnoy may have heard of him. He graduated |
| 2:23.6 | at Michigan 1999. He goes back to Massachusetts and he works in an IT firm. He's miserable. He said, |
| 2:29.7 | I hated my job one to find something I like doing. And he took a huge gamble. And so he started |
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