Few sectors are shielded from the recent downturn in the U.S. equities market. Over the past three trading days, the Dow has plummeted nearly 10%, creating considerable challenges for investors regardless of their portfolio composition. This steep decline occurred alongside President Donald Trump’s announcement of extensive tariffs on the United States’ main trading partners, a decision many economists believe will raise production costs and consequently drive up the price of goods.
Dave Portnoy, founder of Barstool Sports and a well-known supporter of President Trump, expressed concerns about how these new tariff policies might negatively impact the media industry. During his day trading livestream on Monday, he articulated his view that media companies like Barstool could face significant financial setbacks due to these changes. Portnoy stated, “Let’s look at Barstool Sports, alright. This economy tanks. Our advertisers who operate overseas and sell products are going to sell less. It becomes more expensive. What’s the first thing they cut? Ad budgets. Ad budgets that we rely on. Suddenly, we’re not receiving as much money, which could lead to layoffs. The wealthy are probably the least affected…it impacts you whether you have money in the stock market or not.”
Dave Portnoy disagrees with the notion that people like him are the most impacted by Donald Trump’s tariffs.
— Awful Announcing (@awfulannouncing.bsky.social) 2025-04-07T19:49:39.724Z
Earlier in the stream, Portnoy criticized Trump for choosing to golf over the weekend while the stock market wreaked havoc, going so far as to label the day “Orange Monday” and placing the accountability for recent events squarely on the president’s shoulders.
While it might not be immediately obvious how tariffs could impact the media industry, Portnoy’s reasoning is valid. Advertising is a significant revenue stream for many media businesses; if companies experience higher production costs, they may reduce their advertising budgets, negatively affecting media firms financially. Furthermore, if the advertised products become costlier, consumer demand is likely to decline.
If traders and economists are correct about the potential repercussions of these policies, it’s hard to envision any industry, including media, remaining unscathed.
