Shares of theScore close up 79% after Penn National announces plans to buy the company for $2 billion

announced it's acquiring the company for $2 billion in cash and stock options. Shares of Penn National closed up 9%.

Penn National said Score Media and Gaming shareholders will receive $17 in cash and 0.2398 shares of its common stock for each theScore share, bringing the total share price to $34.00. Penn National estimates the acquisition will provide adjusted EBITDA growth in two years, an incremental $200 million medium-term adjusted EBITDA, and $500 million of incremental long-term adjusted EBITDA upside.Penn National also backs the Barstool Sports app, which it purchased in 2020 for $450 million.

TheScore transitioned into its role as a digital-based outlet in 2012 when it sold its broadcast business to Rogers Communications for $167 million. It built a sports gaming and media division and attempted to leverage its mobile app user base into a competitive sports betting business. The company launched theScore Bet app for mobile wagers in 2019, and this year made its debut on the Nasdaq.

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Penn National acquires theScore for $2 billion, earning access to Canada's betting marketPenn National's purchase of Toronto-based media company theScore allows the company to obtain in-house technology and grows its presence across North America.
Herkunft: CNBC - 🏆 12. / 72 Weiterlesen »

Penn National acquires theScore for $2 billion, earning access to Canada's betting marketPenn National's purchase of Toronto-based media company theScore allows the company to obtain in-house technology and grows its presence across North America.
Herkunft: CNBC - 🏆 12. / 72 Weiterlesen »