Score Media shareholders approve Penn National acquisition
Score Media shareholders will receive $34 per share in a mix of stock and cash.
Score Media (theScore) shareholders overwhelmingly voted Tuesday in favor of Penn National Gaming’s acquisition of the Toronto-based sports betting media company.
99.96% of shareholders voted in favor of the previously announced acquisition, that will see Penn National pay approximately $2bn for theScore. The deal is expected to close in the first quarter of 2022.
Penn National will fund half of the transaction, or $1bn, through cash on its balance sheet.
theScore is the most popular sports betting app in Canada, where single-game wagering was approved in late August.
The Canadian sports betting market could see as high as $25bn in retail and online handle annually, according to PlayCanada.
theScore was launched by Chairman and CEO John Levy in 2012. The Levy family will continue to operate theScore, reported Forbes in August.
Levy said at the time of the acquisition,” “This deal brings together two companies that share a vision for how media and gaming intersect, and we could not be more excited to join the Penn National family.
“I’m proud of theScore team and all of our accomplishments, and believe the time is right to take the next step and align with a company in Penn National with the resources and scale to accelerate our business. We are excited to join forces with Penn to form the most powerful media and gaming company in North America.”
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