Edward Fishman: The Collapse of the Oil Empire?
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Barstool CEO Erika Ayers Badan Stepping Down After 8-Year Run
Erika Ayers Badan, chief executive officer of Barstool Sports, is stepping down to pursue other activities after eight years atop the controversial media company.
Ayers Badan will continue to help Barstool founder David Portnoy while “figuring out what I want to go build and do next,” she said in a video posted online. Barstool grew its revenue 50-fold over her tenure and its audience even more, she said.
“It exceed my wildest expectations and I’m so proud,” Ayers Badan said. “We grew the company into something I don’t think anybody ever thought possible. I feel like the work I came here to do was done.”
Portnoy sold the company to Penn Entertainment Inc. which used the brand to launch an online gambling business. But the founder was accused of sexual misconduct, generating controversy for himself and the company. Portnoy has denied the allegations.
Penn sold Barstool back to its founder for $1 last year, taking a loss of up to $850 million. Barstool lost $16.1 million on sales of $80.9 million over the first six months of 2023, Penn said in a filing. Penn is now offering sports betting under the ESPN brand.
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