Barstool Sports owner Penn National Gaming Inc. agreed to buy Score Media & Gaming Inc. for about $2 billion in cash and stock, moving to expand in the fast-growing North American sports-betting market.
Toronto-based Score Media’s app, called theScore, is the top sports app in Canada and No. 3 in North America, Penn National said in a statement Thursday. The companies have had a strategic partnership since 2019.
“We are now uniquely positioned to seamlessly serve our customers with the most powerful ecosystem of sports, gaming and media in North America, ultimately creating a community that doesn’t currently exist,” Penn National Chief Executive Officer Jay Snowden said in the statement.
Score shareholders will receive $17 in cash and 0.2398 of a Penn National share for each Score share.
Goldman Sachs and Code Advisors are financial advisers to Penn National, with Wachtell, Lipton, Rosen & Katz and Blake, Cassels & Graydon as legal advisers. Score is getting financial advice from Morgan Stanley and Canaccord Genuity Group, and legal advice from Paul, Weiss, Rifkind, Wharton & Garrison and McCarthy Tétrault. Greenhill & Co. Canada Ltd. is an independent financial adviser to Score’s board.