Aug 25, 2012 / 7:13 am
Rogers Communications has struck an agreement to buy sports broadcaster Score Media Inc. in a transaction valued at $167 million.
Shares of Score Media (TSX:SCR) jumped nearly 47 per cent Friday following reports that the specialty TV sports broadcaster was in discussions to be purchased by Rogers (TSX:RCI.B).
Score Media, which owns the Score Television Network, rose 49 cents to $1.54 on the Toronto Stock Exchange before its stock was halted pending news just before noon.
Score Media, which is based in Toronto, has been reportedly shopping around its assets for about a year, with some reports suggesting that chief executive John Levy was hoping to sell for $200 million.
Its market capital as of the trading halt was $126 million.
The Score runs third place among rival Canadian sports channels TSN and Rogers Sportsnet. Once the deal receives regulatory approvals, the television network would be rebranded under the Sportsnet umbrella
Rogers said in a statement Saturday that the acquisition of Score Media does not include its digital media business, including theScore.com website and mobile applications.
Immediately prior to the acquisition, Score Media's digital assets will be spun out to its existing shareholders, with Rogers Media retaining a 10 per cent equity interest in the digital media business. Rogers Media will also have access to Score Media's digital technology to immediately enhance its mobile offerings.
The sports network is well-known among sports fans for its mobile apps, which offer real-time scores and statistics. The company has credited its fast-growing mobile platform for much of the revenue growth it has seen in the past year.
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