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Score Media and Gaming
Canadian media company From Wikipedia, the free encyclopedia
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Score Media and Gaming Inc., (formerly theScore Inc.) is a Canadian digital media and gaming company. Owned by American casino operator Penn Entertainment, it is the owner of the sports news website and mobile app theScore, and the sportsbook theScore Bet. The company is headquartered in Toronto and maintains American offices in New York City.
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The company was formed in 2012 as a spin-out of Score Media after the sale of its television business (including its specialty channel The Score Television Network, now Sportsnet 360) to Rogers Media.
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History
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In 2012, Score Media reached an agreement to sell its Canadian television operations (including its flagship specialty channel The Score) to Rogers Media; at that time, it was announced that the remainder of the company would continue as theScore Inc., consisting primarily of its digital assets (including theScore.ca and its mobile apps). The sale of The Score to Rogers was approved by the Canadian Radio-television and Telecommunications Commission (CRTC) in 2013.[1][2][3][4]
The company was spun-out from Score Media immediately prior to Rogers' acquisition. As a result of the transaction, former shareholders of Score Media received one share of the new company for each share held in Score Media, meaning that Score Media founder John Levy and family are the largest single voting shareholders in the company, as was the case with Score Media, though Rogers received additional shares yielding an ownership stake of 11.8%.[5] Rogers subsequently sold its shares in the company in June 2014.[6]
In December 2018, following the legalization of sports betting in the United States via the Murphy v. National Collegiate Athletic Association, theScore announced that it had reached a 15-year market access agreement with the Monmouth Park Racetrack in Oceanport, New Jersey to launch the United States' first mobile sportsbook.[7][8] The service launched in September 2019 as theScore Bet; the service would focus on integrations with theScore's sports news app.[9]
In July 2019, Penn National Gaming announced a 20-year market access agreement with Score Media and Gaming in 11 states; as a condition of the deal, subsidiary Penn Interactive Ventures would take a 4.7% equity stake in Score Media and Gaming.[10]
The company is publicly traded and was listed on the TSX Venture Exchange until September 2020, when it was promoted to the Toronto Stock Exchange.[11]
In August 2021, Penn agreed to acquire Score Media and Gaming for $2 billion in cash and stocks.[12] The deal completed in October 2021 and the company was delisted from the Toronto Stock Exchange and the Nasdaq.[13]
In April 2022, as part of the province's regulated online gambling market, theScore Bet expanded into Canada by launching in Ontario. It would subsequently announce a partnership with the Toronto Blue Jays as its "official gaming partner".[14]
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Leadership
The executive chairman of theScore is its founder, John Levy.[15] The president and chief operating officer of theScore is Benjie Levy.[16]
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External links
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