Peter Chernin is doubling down on Barstool Sports, despite recent controversies: New York-based Barstool announced Tuesday that it has received another $15 million from the Chernin Group, which is already the majority owner of the site.
Barstool wants to use the money to hire new staff and double down on revenue from boxing and other pay-per-view events, according to Bloomberg, which was first to report the funding Tuesday.
The new investment puts Barstool’s valuation north of $100 million, according to the report. The Chernin Group acquired a majority stake of the male audience-focused site two years ago. It has invested a total of $25 million in Barstool sports thus far, according to Bloomberg.
The renewed cash infusion comes after a tumultuous 2017 for Barstool. In October, ESPN pulled the plug on a Barstool TV show after just a single episode over offensive remarks against women made by its hosts. “While we had approval on the content of the show, I erred in assuming we could distance our efforts from the Barstool site and its content,” said ESPN president John Skipper at the time.
In November, SiriusXM showed that it didn’t share ESPN’s concerns by giving Barstool a 24-hour channel on its service.