Sportskeeda acquires majority stake in US’s Pro Football Network for $1.8 million
This is the first acquisition for Absolute Sports in the US sports media market. The $1.8 million acquisition was an all-cash transaction and includes a primary infusion of capital and secondary stock purchases,the company said. Absolute Sports will use its cash reserves to complete the transaction.
New Delhi: Nazara Technologies-owned Absolute Sports, the parent company of Sportskeeda, a sports news and analysis website, has acquired 73.27%stake in US-based Pro Football Network LLC, an analysis website that covers NFL and college football.
This is the first acquisition for Absolute Sports in the US sports media market. The $1.8 million acquisition was an all-cash transaction and includes a primary infusion of capital and secondary stock purchases,the company said. Absolute Sports will use its cash reserves to complete the transaction.
Ajay Pratap Singh, CEO of Absolute Sports, said, “We are delighted to welcome Pro Football Network as the newest member of the family. This marks the beginning of our journey to create a comprehensive portfolio of sports media brands. Our flagship brand, Sportskeeda, has achieved success, with an increase from 15 million monthly active users in 2019 to 80 million in 2023. We are confident that this will create massive value for our audiences and stakeholders alike, and we look forward to pursuing multiple acquisitions in the near future to further strengthen our position in the sports media landscape.”
Nitish Mittersain, CEO and Joint MD of Nazara Technologies, said, “For the past 3-4 years, Absolute Sports (Sportskeeda) has consistently achieved remarkable growth, while maintaining a healthy profit margin. The acquisition of Pro Football Network will further reinforce this growth and deepen Absolute Sports’s presence in the US sports media market, making a significant impact.”
Matt Cannata, Founder and CEO of Pro football Network said: “This is a huge day for us. For quite some time, we were looking for the perfect partner and this is just that. The strategic investment and the resources will provide a super-charge to us.”
In 2019, Nazara, listed on the stock exchanges, picked up a majority stake in Absolute Sports Private Ltd, which was then a 10-year old business.
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Business NewsCompaniesStart-upsSportskeeda acquires majority stake in US’s Pro Football Network for $1.8 million
First Published:22 Mar 2023, 05:13 PM IST
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