Penn National Gaming to acquire Score Media in US$2-billion deal - The Globe and Mail

Toronto-based Score Media and Gaming Inc. is being acquired by U.S. gambling giant Penn National Gaming Inc. for approximately US$2-billion in a cash-and-stock deal.

Score Media, often known as theScore, provides sports news and information to users of its mobile app, which has about four million monthly active users. Since 2019, it has been focused on building its sports-betting product ScoreBet, which is available in four U.S. states. Penn, which is one of the largest casino operators in the U.S., bought a 4.5-per-cent equity stake in theScore in 2019.

Shareholders of theScore will receive US$17 in cash and 0.24 shares of Penn National common stock, for each share of theScore they own. Penn will fund approximately $1-billion of the acquisition with cash already on its balance sheet. The transaction is expected to close in the first quarter of 2022.

The company is led by its founder and chief executive, John Levy, and Benjie Levy, the chief operating officer. The Levy family will continue to oversee the company after the deal closes.

The company has set its sights on entering the Canadian sports-betting market later this year, after the federal government passed a bill allowing single-game sports betting. Previously, sports bets in Canada had to include at least two events in a single wager, commonly known as parlay betting.

More to come.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Adblock test (Why?)

Penn National Gaming to acquire Score Media in US$2-billion deal - The Globe and Mail
Read More