Penn National Gaming has already made one major investment in sports media. The company put $163 million into Barstool Sports last year. Now, it looks north of the border to increase its media holdings.
Street Insider reports that Penn National will pay $2 billion to acquire theScore, a Canadian media company, which currently owns the most popular sports betting app in North America.
“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,” Penn National President and CEO Jay Snowden said. “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.”
The deal will be closed with a mix of cash and common stock. That is very good news for people that currently own shares of theScore. Each share now has a $34 value with half coming in cash and half in the form of Penn National common stock.
Canada is a well-established sports betting market and Penn National doesn’t intend to change much about theScore’s presence there. Headquarters for theScore will remain in Toronto and Penn National intends to operate it as a stand alone company.
“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,” Jon Levy, CEO of theScore, said.
Mike Francesa: George Steinbrenner’s Idea to Put Mike and The Mad Dog On YES Network
“It was George’s idea. So give him credit for it. He wanted Mike and The Mad Dog as part of the CBS Radio contract, and we were.”
Mike and The Mad Dog is often cited as one of, if not the, best sports radio shows of all time. The show saw an expanded reach with its partnership with the YES Network beginning in 2002. During his podcast Tuesday, Mike Francesa gave all the credit to the simulcast hitting the air on YES Network to the late Yankees owner George Steinbrenner.
“It was George Steinbrenner that came up with the idea of Mike and The Mad Dog being on the YES Network. No one else,” Francesa said.
“They came to us when they were negotiating a new radio deal with him and they said ‘Hey, we need a quick answer on this. Would you guys want to be on the YES Network every day, simulcasting? You know what Imus is doing with MSNBC? We wanna do it with you guys, but we need a very quick answer’.”
Francesa said the show airing on YES Network was a sticking point for the Yankees in negotiations with CBS Radio to continue airing the franchise’s broadcasts.
“Our first deal with them were not for a lot of money. Our later deals with them were for a very significant amount of money. But it was George’s idea. So give him credit for it. He wanted Mike and The Mad Dog as part of the CBS Radio contract, and we were. Our joining the YES Network was part of the CBS Radio contract.”
Dave Portnoy Reveals Back-And-Forth With New York Times Reporter Who Claimed He ‘Did Not Provide Answers’
“You waited till (sic) your hit piece was done and now you just need to say you gave me a fair chance to speak even though you have no interest in the truth and your article is already written”.
A story from The New York Times centered around “aging casino company” — Penn National Gaming — and its relationship with “degenerate gambler” — Barstool Sports founder Dave Portnoy — caught the eye of the face of the online outlet after the claim that he “didn’t provide answers”.
In the story, Steel claims “Penn and Barstool executives did not respond to repeated messages. Mr. Portnoy did not provide answers.” Portnoy brought the receipts to Twitter with a video of all of the correspondence he had with Times writer Emily Steel.
The alleged conversation takes place sporadically from May through November, with Portnoy offering to meet face-to-face with Steel for an interview that is mutually audio and video recorded, which Steel declines. She offered to meet Portnoy in New York for an audio recorded interview, which he declined, saying the interview needed to take place in Miami, because “I’m not running around to accommodate you at the 11th hour.”
He added “You waited till (sic) your hit piece was done and now you just need to say you gave me a fair chance to speak even though you have no interest in the truth and your article is already written”.
Kareem Daniel Leaving Disney After Bob Iger Reassumes Role as Company CEO
“This is a time of enormous change and challenges in our industry, and our work will also focus on creating a more efficient and cost-effective structure.”
Bob Iger is back as the CEO of Disney, and one of the first moves he made was to announce a company restructure. Part of that restructure includes the departure of Kareem Daniel, the chair of Disney Media and Entertainment Distribution (DMED).
DMED was formed under now-previous CEO Bob Chapek. The division manages Disney’s streaming services which includes ESPN+.
Daniel was considered one of those closest to Chapek. Iger announced Daniel’s departure in a memo to employees at DMED.
“It is my intention to restructure things in a way that honors and respects creativity as the heart and soul of who we are,” Iger said in the memo. “As you know, this is a time of enormous change and challenges in our industry, and our work will also focus on creating a more efficient and cost-effective structure.”
ESPN president Jimmy Pitaro will join other company leaders in coming up with a new company structure that Iger hopes “puts more decision-making back in the hands of our creative teams and rationalizes costs.”
Jordan Bondurant is a features reporter for Barrett Sports Media. He works full-time as a multimedia specialist at the Virginia State Corporation Commission, while also putting in part-time work for News Radio WRVA and 910 The Fan in Richmond. Additionally, you can find Jordan contributing coverage of the Washington Capitals for the blog NoVa Caps. His prior media experiences include working for the Richmond Times-Dispatch, the Danville Register & Bee, Virginia Lawyers Weekly and ABC 8News. He can be reached by email at email@example.com or follow him on Twitter @J__Bondurant.