“Barstool Sports CEO Erika Ayers Badan Expresses Deep Regret Over Layoffs, Vows to Support Affected Employees”

Barstool Sports CEO Erika Ayers Badan expressed her sadness over the recent layoffs at the company, but also urged rival companies to consider hiring the talented individuals who were let go. Founder Dave Portnoy had previously admitted that the company was facing financial difficulties and had to make cuts. Ayers Badan took to social media to address the situation, stating, “Over the years we’ve hired and trained the best of the best. It’s sad we have to let some of those people go. I urge any company that can hire them to do so. They’re all-stars.” She also shared a memo she sent to Barstool staff, acknowledging the difficulty of the day and emphasizing the need for the company to become more self-sustaining. Barstool Sports, which was founded by Portnoy in 2003, has grown into a sports media giant. However, financial challenges have led to the recent layoffs. Despite the tough decision, Portnoy emphasized that it was necessary for the company’s survival. The deal for Portnoy to buy back Barstool from PENN Entertainment has resulted in significant losses for both companies. PENN initially invested $163 million for a 36 percent stake in 2020 and later acquired the remaining shares for $388 million.