Penn National Gaming to acquire theScore from Score Media for about $2.0 billion in cash and stock, Score shares jump 65% premarket

Penn National Gaming Inc. PENN, -0.67% said Thursday it has agreed to get theScore, a integer media and sports betting company, from Toronto-based Score Media and Gaming Inc. SCR, +4.49% for astir $2.0 cardinal successful currency and stock. Under the presumption of the deal, theScore shareholders volition person $17 successful currency and 0.2398 Penn shares for each theScore stock owned, adjacent to $23 a stock based connected Penn National's 5-day measurement weighted mean trading terms arsenic of July 30. The woody has been approved by the boards of some companies and is expected to adjacent successful the archetypal 4th of 2022. Penn is readying to concern the currency information of the woody of astir $1 cardinal with existing cash. Penn Chief Executive Jay Snowden said theScore is the starring sports app successful Canada and 3rd astir fashionable successful each of North America. "theScore's unsocial media level and modern, state-of-the creation exertion is simply a almighty complement to the scope of Barstool Sports and its fashionable personalities and content," helium said successful a statement. Score Media shares jumped 65% premarket aft resuming trading pursuing a halt for the woody news. Penn shares were up 0.6% premarket but are down 23% successful the twelvemonth to date, portion the S&P 500 SPX, -0.46% has gained 17%.