Penn National Gaming Inc has completed its previously announced acquisition of Score Media and Gaming Inc (theScore) for a total consideration of approximately US$2bn in cash and stock.
Originally the deal wasn’t expected to be completed until early 2022. However, after receiving approval from the Canadian government and theScore shareholders, it has been closed much sooner than expected.
Penn National noted that the acquisition boosts its digital media and gaming strategy, creating a complete one-stop entertainment destination thanks to theScore’s popularity as the third most popular sports media app in North America and number one in Canada.
The company added that theScore’s fully integrated media and betting platform and technology will further strengthen its ecosystem and ability to seamlessly serve its customers.
Jay Snowden, President and CEO of Penn National Gaming, commented: “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 skill sets to our Penn National family.”
Penn National hopes pairing theScore with Barstool Sports will give it the capability to generate best-in-class engagement and enhanced customer acquisition and retention across its media and gaming properties.
John Levy, Chairman and CEO of theScore, added: “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 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.”