TheScore is acquired by Penn National for 2 billion dollars
The Pennsylvania-based iGaming operator – Penn National Gaming, has completed the buyout of a famous Canadian digital media group – TheScore, in a 2-billion-dollar deal, both in cash and stocks.
The deal which was finalized recently had been announced earlier in August this year by the American company, announcing the future migration of Penn National’s betting products to a newly built platform at TheScore.
Penn National Gaming is planning to pay out the deal through cash and shares, paying 17 dollar worth of cash combined with 0.2398 shares of its stocks for each TheScore share, totally to a rough amount of 34 dollar per share.
Therefore, the Score Media shareholders are going to hold an approximate amount of 7% of shares, leaving the rest of the 93% for Penn National Gaming’s shareholders.
Thanks to the quick approval of TheScore shareholders, as well as the Canadian government, the deal was able to close sooner than originally anticipated.
Penn National’s Chief Executive – Jay Snowden, highlighted the importance of this acquisition and called it a “powerful new entertainment flywheel”, which is going to expand the company’s verticals.