Penn National Gaming completes acquisition of theScore20th October 2021 9:32 am GMT
New York-listed Penn National Gaming has completed its acquisition of Score Media and Gaming for $2.0bn in cash and stock.
The acquisition strengthens Penn National’s digital media and gaming strategy with addition of theScore, the third most popular sports media app in North America and the number one app in Canada.
Penn National will look to pair theScore with its Barstool sport betting brand, providing Penn National with two of North America’s leading sports media assets, with the capabilities to generate best-in-class engagement and enhanced customer acquisition and retention across its media and gaming properties.
“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.
“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.”
theScore chairman and CEO John Levy commented: “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.”
Shares in Penn National Gaming Inc (NASDAQ:PENN) gained 5.23 per cent to close at $81.34 per share in New York Tuesday.