Penn National Completes $2b Dollar Acquisition of theScore
Popular Pennsylvania operator of racetracks and casinos, Penn National Gaming has reportedly completed the acquisition of Toronto-based digital media company Score Media and Gaming Inc. (“theScore”) for a total of $2 billion in cash and stock.
Penn National had earlier announced and began the acquisition process in August, which saw the boards of both companies reviewing and approving the deal. Although the acquisition was initially slated to be completed in the first quarter of next year, recent approvals from different bodies, especially the Supreme Court of British Colombia, hastened the process.
theScore is the most recognized sports media app in Canada. It is also popular across North America for delivering news, live scores, and betting information on various sporting events. In his official release, John Levy, Chairman and Chief Executive Officer of theScore, expressed that merging with Penn National will help grow the business across North America.
It is a truly exciting time to join Penn National and collaborate with their team to build a highly innovative and first-of-its-kind sports media and gaming company. There is a natural alignment between the two companies, and we are perfectly positioned to capitalize on the growing entertainment opportunities across mobile sports media, sports betting, and online casino. We believe the combined company is well-positioned to continue growing our business across North America, including the expected opening of sports betting and iGaming in Ontario later this year.
Headquartered in the fastest growing online gambling market, Penn Gaming has 43 casinos and racetracks across the United States. Penn National’s strategic partnership with theScore will strengthen the casino operator’s digital media and gaming strategy to serve its customers better.
We’re excited to be creating this powerful new entertainment flywheel that will provide us with multiple growth channels that transcend our current business verticals. We look forward to entering the Canadian gaming market, which represents a compelling new opportunity, and are proud to have John Levy and his family and their entire team bring their best-in-class technology, unique perspective, and skillsets to our Penn National family.