You're listening to Giraffe King's Network.

This is the Dunlabel Tarshall with the Stougat's Podcast.

I am in the same business as Dave Portnoy sort of

and I am confused by what has happened here recently with bar stool.

I don't understand it, but I'd like to understand it.

And Eben Novi Williams does understand it.

He's the sports business reporter at Sportico.

Before that, he covered sports media deals at Bloomberg for a decade.

So we're bringing him in for his expertise here because

our stool is now laying off like a lot of media entities and content entities.

The New York Post reported they're laying off 25% of their employees.

He marked down his home in the Hamptons because evidently he needs millions of dollars in cash.

I thought, and Eben, maybe you can explain this to me, when it happened.

Portnoy and Penn break up, Penn goes with ESPN.

Portnoy gets his business back for a dollar after selling our stool for $500 million.

I thought, how the hell does any of that happen?

So explain to me that part of it first before we go any further.

And thank you, by the way, for joining us.

Thank you for having me, Dan.

I think the easiest first answer is that this was a bad marriage from the start.

Penn National, when it when it decided to and agreed to buy bar stool,

eventually in February purchased the whole thing at evaluation of six and a half,

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