Erika Ayers Badan ran Barstool Sports as CEO for nine years, and she steered it straight into sports betting. She left in January 2024, then took the top job at Food52, a company that filed for bankruptcy in December 2025. In April 2026, she launched Mule Media, a startup that connects women through career and parenting communities instead of a traditional content feed.
Who Is Erika Ayers Badan?
Erika Ayers Badan is a media executive best known for leading Barstool Sports for eight years, from 2016 until early 2024. Under her leadership, Barstool struck a gaming partnership with Penn National Gaming in 2020, which led to the Barstool Sportsbook app.
She became CEO of Food52 in April 2024, and she led that company through a Chapter 11 bankruptcy filing in December 2025. In April 2026, she and Layla Lisiewski launched Mule Media together.
Badan previously worked in marketing at Yahoo, Demand Media, and AOL. She holds a sociology degree from Colby College.
Career at a Glance
| Year | Milestone |
| 2016 | Named CEO of Barstool Sports |
| 2020 | Barstool signs gaming deal with Penn National, launches Barstool Sportsbook |
| 2023 | Penn Entertainment buys the rest of Barstool for $388 million |
| 2024 | Steps down from Barstool, becomes CEO of Food52 |
| 2025 | Food52 files for Chapter 11 bankruptcy |
| 2026 | Food52 sold in bankruptcy auction; launches Mule Media |
Erika Ayers Badan and the Barstool Sportsbook Era
Penn National Gaming bought 36% of Barstool Sports in January 2020, in a deal worth about $163 million.
The deal named Penn Barstool’s sole gaming partner through 2060, with rights to the Barstool name for sports betting and other gaming products.
Penn Interactive also runs online casino and social casino products under separate brands.
Under Badan, Barstool Sportsbook grew into one of the more recognizable betting apps in the country. Penn Entertainment bought the remaining stake in February 2023 for $388 million, taking outright control of Barstool.
That full control didn’t last long. In August 2023, Portnoy bought Barstool back from Penn for a symbolic $1, and Penn shifted its betting operations to ESPN Bet. Badan stepped down five months later.
Why Erika Ayers Badan Left Barstool
Erika Ayers Badan announced her resignation in January 2024, after nine years running the company. She once described the role as “a heart attack every day,” but said she was proud of what the team built. Dave Portnoy stepped back in as chief executive once Penn Entertainment handed the company back to him.
By her own account, Barstool’s revenue grew more than 5,000%, and audience growth was even bigger. The company launched over 60 branded shows and podcasts, including Pardon My Take and Spittin’ Chiclets.
Erika Ayers Badan and the Food52 Bankruptcy
Erika Ayers Badan stepped into the CEO role at Food52 in April 2024. She had already been an informal advisor to the company through The Chernin Group, the investment firm behind both Food52 and Barstool.
Food52 struggled with debt tied to its post-pandemic slowdown and an outdated tech setup. In December 2025, its lender swept the company’s accounts, which forced Food52 to lay off most of its staff almost overnight.
The company filed for Chapter 11 bankruptcy on December 29, 2025, owing somewhere between $10 million and $50 million to creditors. Its brands, including Food52, Schoolhouse, and Dansk, were sold at auction in February 2026, with the core Food52 brand going to America’s Test Kitchen.
Mule Media: What Erika Ayers Badan Is Building Next
In April 2026, Erika Ayers Badan and business partner Layla Lisiewski launched Mule Media, uniting two platforms they already ran, Work Like A Girl and The Local Moms Network, under one roof.
Mule Media isn’t a content site. It runs on Slack groups, WhatsApp threads, email newsletters, and live meetups, and it makes money through partnerships and experiences rather than ad impressions alone. Badan has described the approach as building for the “intention economy” instead of the attention economy.
Badan’s Three Executive Roles
| Company | Role | Years | Outcome |
| Barstool Sports | CEO | 2016-2024 | Sold to Penn Entertainment, then back to founder Dave Portnoy |
| Food52 | CEO | 2024-2026 | Filed Chapter 11, assets sold to America’s Test Kitchen |
| Mule Media | Co-Founder | 2026-present | New community platform for women, launched April 2026 |
The Bottom Line
Erika Ayers Badan built her name running Barstool Sports through its move into sports betting, then spent two years trying to save Food52 before its bankruptcy. Now she’s betting on community over content with Mule Media. Her path shows how fast an executive career can turn, even after a run as strong as her Barstool years.
Frequently Asked Questions
What company is Erika Ayers Badan best known for leading?
Badan is best known for running Barstool Sports as CEO between 2016 and early 2024. Its partnership with Penn National Gaming, which created the Barstool Sportsbook app, took shape under her watch, before she stepped down in January 2024.
Did Erika Ayers Badan work in the gambling industry?
Yes, indirectly. As Barstool Sports CEO, she led the company’s 2020 gaming deal with Penn National Gaming, which gave Penn the rights to use the Barstool brand for sports betting and online casino products.
What happened to Food52 under Erika Ayers Badan?
Badan became Food52’s CEO in April 2024. The company filed for Chapter 11 bankruptcy in December 2025 after its lender swept its accounts, and its brands were sold at auction in February 2026 to America’s Test Kitchen.
What is Mule Media?
Layla Lisiewski partnered with Erika Ayers Badan to launch Mule Media in April 2026. It combines two women-focused communities, Work Like A Girl and The Local Moms Network, connecting members through group chats, email, and live events.
Is Erika Ayers Badan still connected to Barstool Sports or sports betting?
No. Portnoy reacquired Barstool from Penn Entertainment in August 2023, and Penn shifted its sportsbook operations to ESPN Bet. Badan cut all ties with Barstool when she stepped down in January 2024.