Penn National announced last week it would acquire Toronto-based Score Media for $2 billion (U.S.) in cash and stock which consists of $17 plus 0.2398 shares of Penn National per share of Score Media. Jay Snowden, CEO of Penn National, cited Score Media’s in-house technology, “deep pool of product and engineering talent and data-driven user analytics” as attractive features. After a three-way merger with SBTech, a sports betting and gaming company, and Diamond Eagle Acquisition, a special purpose acquisition company, DraftKings started trading on the NASDAQ. On the other hand, we have a well-established U.S.-domiciled sports media company with stellar year-over-year growth results that is currently being investigated by the SEC. It’s a thumbs-up for Score Media this week and its (possible) future parent, Penn.

Source: thestar August 14, 2021 09:00 UTC