WYOMISSING, Penn. and TORONTO – Penn National Gaming Inc. and Score Media and Gaming Inc. (theScore) announced today they have reached a definitive agreement for Penn National to acquire theScore for approximately US$2 billion in cash and stock.
“Upon completion of the transaction, current Penn National and theScore shareholders will hold approximately 93% and 7% respectively, of the Company’s outstanding shares,” according to a press release. “Penn National expects to fund the approximately US$1 billion cash portion of the consideration using existing cash on its balance sheet.”
“We are thrilled to be acquiring theScore, which is the number one sports app in Canada and the third most popular sports app in all of North America,” said Jay Snowden, president and CEO of Penn National, in the press release. “theScore’s unique media platform and modern, state-of-the art technology is a powerful complement to the reach of Barstool Sports and its popular personalities and content.” Penn National has had a strategic partnership with Barstool Sports since February 2020.
Penn National sees the Canadian gaming market as an opportunity for growth. The company “intends to operate theScore as a stand-alone business, headquartered in an expanded Toronto office,” the press release says.
With the support of Penn National, theScore “will continue to invest in building our Canadian operations, growing our footprint and expanding our workforce,” said John Levy, chairman and CEO of theScore, in the press release.
theScore’s expanded Toronto office “will continue to be led by the Levy family with the same operating philosophy that has driven the company’s success to date. The business will continue to utilize ‘theScore’ app and brand that consumers have come to trust,” reads the press release.
For more, please click here.
