The transaction is believed to be worth $167m, including a $12m investment in Score Digital.
A 47 per cent jump in share prices was recorded on Friday when news of a potential purchase was announced.
“This deal allows us to continue to pursue our vision and strategy that has formed a huge part of what we’ve been doing at Score Media for some time,” Score Media chief executive John Levy said in a statement.
“We can now focus 100 per cent on our digital products, building on the tremendous strides we have made in growing the international audience of our website and mobile apps.”
The Score Television network is the third most populat sports network in Canada, following TSN and Rogers Sportsnet.
When the transaction is completed, Score will be rebranded under the Sportsnet umbrella.