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home / news releases / SCR - Penn National CEO: Score purchase represents long-term bet on sports gambling

SCR - Penn National CEO: Score purchase represents long-term bet on sports gambling

Score Media and Gaming Inc.
Jay Snowden, president and CEO of Penn National Gaming (NASDAQ:PENN), said Thursday that the company's $2B deal to buy Score Media and Gaming (NASDAQ:SCR) represents a long-term bet on sports gambling, looking well beyond its results for 2022. Speaking to CNBC, Snowden explained that the purchase extended Penn National's (PENN) strategy of integrating media with sports betting. He also said the acquisition was based on Score's strong position in the Canadian sports betting world. Early Thursday, Penn National announced its deal to purchase Score in a transaction valued at $2B in cash and stock. The purchase price equates to $17 in cash and 0.2398 shares of PENN for each SCR share. On PENN's overall business, Snowden predicted that the company would have betting operations in nine states by the start of football season, up from its current level of four. He further projected that the firm would have betting available

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Penn National CEO: Score purchase represents long-term bet on sports gambling
Stock Information
Company Name: Score Media and Gaming Inc.
Stock Symbol: SCR
Market: NASDAQ
Website: scoremediaandgaming.com
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