Penn National Gaming Inc. has agreed to the purchase of Score Media & Gaming Inc. for a fee of approximately $1.74 billion in cash and stock. This move comes as the casino and racetrack operator looks to increase its share in the sports betting market. Currently, Penn National controls a 36% stake in Barstool Sports.
In a statement on Thursday, Penn National emphasized the major appeal of Score Media, particularly due to its app, theScore, which is ranked as the top sports app in Canada and currently holds the number three slot in North America.
While Penn National and Score Media have had a strategic partnership since 2019, Penn National Chief Executive Officer Jay Snowden justified his company’s purchase decision during an interview, explaining that “there’s so much that theScore does that is so complimentary with what Penn does and Barstool does.”
Following the announcement of the deal, Score Media stocks skyrocketed by 83% to $33.16 on the New York Stock Exchange. The Toronto-based company’s roots can be traced to its cable television channel, also called the Score, which broadcasted a range of sports events and highlights.
