TORONTO, Oct. 19, 2012 /PRNewswire/ - Rogers Communications Inc. announced today that it has acquired 11,162,084 Class A Subordinate Voting Shares of theScore, Inc. (Score Digital), initially announced on August 25, 2012.
As part of a plan of arrangement involving Score Media Inc. and Rogers' subsidiary, Rogers Media Inc., pursuant to which Rogers Media acquired all of the issued and outstanding shares of Score Media and Score Digital was spun-out to shareholders of Score Media, Rogers acquired ownership and control over 1,660,000 Class A Subordinate Voting Shares of Score Digital in exchange for the 1,660,000 Class A Subordinate Voting Shares of Score Media that it held immediately prior to completion of the arrangement. In connection with the separation of the digital media assets, Rogers acquired an additional 9,502,084 Class A Subordinate Voting Shares of Score Digital. As a result, on completion of the arrangement, Rogers owns 11,162,084 Class A Subordinate Voting Shares of Score Digital, representing approximately 11.8% of the issued and outstanding Class A Subordinate Voting Shares of Score Digital.
The total consideration paid by Rogers Media in connection with the transaction, including consideration for the Class A Subordinate Voting Shares of Score Digital received in connection with the separation of the digital media assets, was $167 million.
Rogers acquired the Class A Subordinate Voting Shares of Score Digital for investment purposes. Rogers has no current intention of acquiring ownership of or control or direction over any additional shares of Score Digital but reserves the right to acquire additional shares of Score Digital, to sell all or any portion of its holding of such shares or to enter into derivative or other transactions with respect to the shares of Score Digital owned by it. This press release is being issued as required under the early warning requirements of applicable Canadian securities laws.
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