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Sports Media

Penn National Gaming Acquires theScore

theScore

(theScore)

theScore
Penn National Gaming has acquired theScore for roughly two billion, including stock options. Will this prove to be a wise investment for Penn? (theScore)

Penn National Gaming Acquires theScore

Penn National Gaming is expanding. Penn already has a partnership with Barstool creating the Barstool Sports Book. Now they are looking to add to their army. It has been announced that Penn is acquiring theScore, which is a sports media outlet that was founded in Canada. Penn acquires theScore for approximately two billion, including stock options.

VIA Business WIRE:

“Under the terms of the agreement, theScore shareholders will receive US$17.00 in cash and 0.2398 shares of Penn National common stock for each theScore share, which implies a total purchase consideration of US$34.00 per theScore share based on Penn National’s 5-day volume weighted average trading price as of July 30, 2021. The transaction has been unanimously approved by the boards of directors of both companies and is currently expected to close in the first quarter of 2022. Upon completion of the transaction, current Penn National and theScore shareholders will hold approximately 93% and 7% respectively, of the Company’s outstanding shares. Penn National expects to fund the approximately US$1 billion cash portion of the consideration using existing cash on its balance sheet.”

Jay Snowden, President and Chief Executive Officer of Penn National, commented, “We are thrilled to be acquiring theScore, which is the number one sports app in Canada and the third most popular sports app in all of North America. theScore’s unique media platform and modern, state-of-the art technology is a powerful complement to the reach of Barstool Sports and its popular personalities and content.”

Mr. Snowden continued, “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. Users will enjoy a unique mobile sports betting and iCasino platform with highly customized bets and enhanced in-gaming wagering opportunities, along with highly engaging, personalized sports and entertainment content, and real time scores and stats. We believe this powerful new flywheel will result in best-in-class engagement and retention.

“Importantly, the transaction provides us with a path to full control of our own tech stack. theScore has developed a state-of-the-art player account management system and is finalizing the development of an in-house managed risk and trading service platform. This should lead to significant savings in third party platform costs and allow us to broaden our product offerings – providing the missing piece for operating at what we expect to be industry leading margins. In addition to the synergies, we’ll be gaining access to theScore’s deep pool of product and engineering talent and data-driven user analytics which will help drive our customer acquisition, engagement, retention strategies and cash flows,” said Mr. Snowden.

Dave Portnoy is a showman, so he’s already done his best WWE impression on Twitter with the news. theScore certainly has an audience with an active userbase on the app. That’s what Portnoy does. He’s very good at manipulating his following to do whatever.

Truthfully, I didn’t even know they were a sportsbook or that they had “tech.” theScore site itself isn’t very expansive with just some random news of the day and that’s about it. Time will tell if this was a wise investment by Penn.

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