This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Score Media Announces Sale Of Television Business To Rogers Media And Spin-out Of Digital Media Business

TORONTO, Aug. 25, 2012 /PRNewswire/ - Score Media Inc. ("Score Media") today announced it has entered into an agreement with Rogers Media Inc. ("Rogers Media") pursuant to which (i) Rogers Media will acquire the television business of Score Media via an acquisition of all of the outstanding Class A Subordinate Voting Shares ("Class A Shares") and Special Voting Shares of Score Media for $1.62 per share; and (ii) the digital media business of Score Media will be spun-out to Score Media's shareholders as a new corporation to be formed under the Canada Business Corporations Act (the "CBCA") ("Score Digital"). Shareholders representing approximately 30% of the outstanding Class A Shares and 100% of the Special Voting Shares have agreed to vote their shares in favour of the transaction.

Score Media's television business is comprised of theScore Television Network, closed captioning service provider Voice2Visual, and theScore Fighting Series (SFS).   Score Media's digital business includes and its mobile applications ScoreMobile, ScoreMobileFC and Sportstap.  John Levy, Founder, Chairman and Chief Executive Officer of Score Media will lead the digital media business following the spin-out.

Under the terms of the agreement, Rogers Media will acquire all of the issued and outstanding shares of Score Media and a 10% equity interest in Score Digital for total cash consideration of $167 million (CAD). The total consideration includes the per share cash consideration of $1.62, funds to repay Score Media's outstanding credit facility, up to $12 million to initially capitalize Score Digital, and funds to pay certain advisory, professional and other expenses related to the transaction.  In addition, as part of the transaction, Score Digital and Rogers Media will enter into a software development and licensing arrangement under which Rogers Media will have access to Score Digital's mobile technology to immediately enhance its mobile sports offerings.

"I am extremely proud of our team at theScore Television Network and the unique original content we produce each and every day," said Mr. Levy. "As part of Rogers Media's inventory of sports properties, its extensive programming assets and senior management's commitment to securing premium sports content, I am confident the network will continue to grow and contribute to the Canadian sports scene."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs