Canada's Rogers Media Buys Score Media to Bolster TV Sport Offerings
The $168 million deal will see Rogers buy a network with live sports, scores and highlights, and retain a 10 percent stake in a digital media business to be spun off.
TORONTO – Canadian broadcaster Rogers Media has acquired rival sports broadcaster Score Media, which includes theScore network and other TV assets, as part of a deal worth CAN$167 million (US$168.3 million).
John Levy, CEO of Score Media, has had the sports broadcaster on the market for some time, and no serious buyers emerged until recent speculation that Rogers Media, a division of cable and phone giant Rogers Communications, was in takeover talks.
Terms of the deal were not disclosed, but includes repayment of third party debt.
The transaction will see Levy retain Score Media’s digital media business, which includes theScore.com website and mobile applications.
Score Media will spin off the digital assets to existing shareholders, with Rogers Media retaining a 10 percent equity stake and gaining access to the digital technology for its own mobile offerings.
theScore network will join Rogers Media’s other sports properties, which includes the Sportsnet cable sports channel.
Pending regulatory approvals, theScore will be rebranded under the Sportsnet brand, which in the last year has stepped up its game to challenge The Sports Network, the Canadian sports TV market leader.
“Rogers Media is on a growth trajectory and this builds on our momentum of delivering world-class sports content anywhere, anytime, on any platform,” Rogers Media president Keith Pelley said of the deal on Saturday.