Stock prices in the sports outlet's parent company dropped 13 percent on Thursday, following the presenter's departure and a 'lukewarm' earnings report.
Penn Entertainment stock prices have dropped significantly since it was announced that a presenter on Barstool Sports, a media outlet it owns, had been fired for accidentally saying the n-word while on air.tweeted a video in which he explained that Ben Mintz, who had hosted his own morning show on the platform, had been fired after rapping song lyrics without censoring the racial slur they contained on Monday., with the incident being portrayed as a mistake.
Penn stocks had been trading above $30 a share throughout the week until Thursday, when they tumbled, reaching a low of $26 by 4 p.m. ET that day—a drop of more than 13 percent. Prior to that, they had been trending upwards, and the last point they were below $27 was March 15. Dave Portnoy, founder of Barstool Sports, speaks during a radio broadcast on January 30, 2020, in Miami Beach, Florida. Announcing the firing of Ben Mintz on Thursday, he said he did not agree with the decision.The slide represents the lowest price for the stock since May 2020. According to Action Network, an analytics firm, it represented a drop in Penn's value of $633 million; it only paid $551 million across two purchases in January 2020 and February this year for Barstool.
Darren Rovell, a senior executive producer at Action Network, noted that the firing of Mintz had come on the same day as a"lukewarm" earnings report for the first quarter of the year, in which it missed estimates for its expected investor dividends.As well as owning Barstool—of which it initially purchased a 36 percent stake, before buying the rest of the company—Penn is the parent company of The Score, another sports-related entity.
Mintz had used the n-word while reciting the lyrics to the Bone Thugs-N-Harmony song"1st of tha Month."
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