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Score Media & Gaming to Be Acquired by Penn National Gaming for $2 Billion
- Client News
- August 5, 2021
Paul, Weiss is advising leading Toronto-based digital media and sports betting and technology company Score Media & Gaming, Inc., also known as theScore, in its $2 billion cash-and-stock sale to Pennsylvania’s Penn National Gaming, Inc., which owns and operates casinos and racetracks, and has a 36% ownership interest in Barstool Sports. theScore is Canada’s most popular sports app and the third most popular sports app in North America. The combination will create North America’s leading digital sports content, gaming and technology company.
Under the terms of the transaction, theScore shareholders will receive $17.00 in cash and 0.2398 shares of Penn National common stock for each theScore share, which implies a total purchase consideration of $34.00 per theScore share. Upon completion of the deal, current Penn National and theScore shareholders will hold approximately 93% and 7% of Penn National’s outstanding shares, respectively. The deal is expected to close in the first quarter of 2022.
The Paul, Weiss team includes corporate partner Adam Givertz; litigation partners Andrew Gordon, Catherine Nyarady and Andrew Finch; tax partner Brian Krause; and antitrust counsel Marta Kelly and Yuni Sobel.