PENN BUYS SCORE MEDIA FOR $2 BILLION

Penn National Gaming, which operates 43 casinos and racetracks in 20 U.S. states, has agreed to buy Score Media & Gaming for $2 billion, The Wall Street Journal reported.
Score Media’s Score app sends scores, sports news, and betting information to its subscribers. Score had about 3.7 million active users in May, the WSJ said.
Buying Score will “enrich” customers’ experiences with Penn, the company said in a statement, and extend the reach of Penn’s partnership with Barstool Sports, a digital media company broadcasting news in sports and pop culture.
Penn’s purchase comes as more states legalize gambling, which has ignited competition for fans who bet on sports, the WSJ noted.
TRENDPOST: Rather than innovate and compete, Bigs simply buy their way into industries, consolidating power and financial clout into corporate hierarchies that, as often as not, are more interested in maximizing short-term profit instead of investing for consumers’ benefit.
And, as we have noted, the less competition, the less innovation.