Penn National Gaming Tuesday announced the completion of its acquisition of Score Media and Gaming.
During its August earnings call, Penn National announced a definitive agreement to acquire the Canadian digital media and sports betting technology company for approximately $2 billion in cash and stock.
The acquisition of the Canadian company is seen as a complementary addition to Penn National’s U.S. sportsbook partner, Barstool Sports.
“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 Penn National Gaming President and CEO Jay Snowden in a statement. “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.”
Known as theScore in Canada, the platform features sports scores, data, news, and sportsbook offerings through its mobile app. Based in Toronto, Ontario, theScore was founded by Levy in 2012 to compete with TSN, long considered Canada’s most prominent source of sports coverage.
“There is natural alignment between the two companies,” said Levy of theScore and Penn Gaming in a statement, “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.”
During the August earnings call, Barstool Sports fonder Dave Portnoy called theScore deal “synergistic.”
“I think it continues the belief that I know Jay and I have, and John and I have, which is controlling the media and having the entire ecosystem, where people get scores and info and can also place wagers,” Portnoy said. “It just fits so perfectly.”
