Penn National CEO Says Barstool Sports & theScore Will Be 'The Most Powerful Combination In The Space'

Penn National Gaming Inc PENN and Score Media And Gaming Inc SCR announced Thursday that the two companies entered into a definitive agreement in which Penn National will acquire theScore for approximately $2 billion in cash and stock.

This deal is about what the two companies can do long-term, Penn National CEO Jay Snowden said Thursday on CNBC.

Penn National and Score Media And Gaming have a shared vision for the industry, Snowden said, adding that the companies that focus on the integration of media and sports betting will come out on top long term.

Snowden told CNBC Barstool Sports founder Dave Portnoy and other leaders of Barstool have been fans of theScore for a long time. Penn National combined with Barstool and theScore will "create, we think, the most powerful combination in the space," Snowden said.

Related Link: Penn National Acquires Score Media For $2B: Why Barstool Sports Founder Dave Portnoy Says It's A Good Match

Score Media And Gaming is the leader in Canada where single-game sports betting was recently legalized, Snowdown noted. He stressed the importance of looking at the deal from a long-term perspective: "This is much bigger than anything about 2022."

Penn National Earnings: Penn National reported quarterly earnings of $1.17 per share, which beat the estimate of 90 cents per share. The company reported quarterly revenue of $1.55 billion, which beat the estimate of $1.45 billion.

Price Action: At last check Thursday, Penn National was up 6.95% at $70.88 and Score was up 78.50% at $32.35.