What was I saying about gaming industry mergers?
Step aside Scientific Games, whose acquisition of Lightning Box is now quite literally yesterday's news. There is a new big merger on the gaming sector scene, with Penn National Gaming having announced it will purchase Score Media and Gaming.
Penn National, already having taken over Barstool Sports and seen success in that area, is now looking to enhance its offering with the addition of theScore, currently a successful brand in Canada.
Having moved over from sports media to encompass betting, too, there are clear benefits for Penn National here – and you can really get a sense of what it is looking for if you take this merger and the Barstool example, in particular.
The valuation in question is $2bn, with Penn National President and CEO, Jay Snowden, understandably "thrilled."
He said: “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.”
John Levy, Chairman and CEO of theScore, said: “This deal brings together two companies that share a vision for how media and gaming intersect, and we could not be more excited to join the Penn National family.
"I’m proud of theScore team and all of our accomplishments, and believe the time is right to take the next step and align with a company in Penn National with the resources and scale to accelerate our business. We are excited to join forces with Penn to form the most powerful media and gaming company in North America."