Penn National completes Score Media acquisition
The total price for the deal comes to approximately $2bn.
Penn National Gaming has today announced the finalization of the operator’s $2bn acquisition of Score Media and Gaming.
“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,” said Jay Snowden, president, and CEO of Penn National Gaming.
Penn National believes theScore will strengthen its digital media and gaming strategy. Being Canada’s largest sports media app Penn hopes theScore will further allow the company to serve its customers.
“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,” concluded Snowden.
Per the agreement, Penn National will integrate theScore with its Barstool Sports platform allowing the US-based operator to offer its sports betting service in throughout Canada.
This deal comes after the Canadian government legalized single sports betting throughout the country earlier this year. Previously, one could only wager on three events at a single time.
John Levy, chairman and chief executive officer 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 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.”
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