Penn National closes $2B acquisition of Score Media and Gaming; issues 12.3M shares and $923M cash

PENN Entertainment, Inc.

Total consideration ~$2.0B: $922.8M cash, 12.3M PENN shares, and 0.7M exchangeable shares.
theScore shareholders received US$17.00 cash and 0.2398 Penn share per Class A share.
Acquisition adds theScore's sports media app (#3 in NA, #1 in Canada) to PENN's ecosystem with Barstool Sports.
Positions PENN to enter Canadian gaming market; Ontario sports betting and iGaming expected in late 2021.
John Levy (theScore CEO) and his team join Penn National; strengthens digital media and gaming strategy.

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