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Nazara, which first acquired 6.05% stake in Absolute Sports for INR 19.99 Cr in 2022, has acquired the remaining stake for INR 69.17 Cr
Also, in December last year, the gaming giant picked up an additional 10.26% stake in Absolute Sports for INR 72.73 Cr
Nazara reported a consolidated net profit of INR 13.7 Cr in the third quarter of the financial year 2024-25 (FY25), down 53.5% from INR 29.5 Cr in the year-ago quarter
Listed gaming major Nazara Technologies
has bought an additional 8.97% stake in Absolute Sports Private Limited, making the parent company of Sportskeeda its wholly-owned subsidiary.
Nazara, which first acquired 6.05% stake in Absolute Sports for INR 19.99 Cr in 2022, has acquired the remaining stake for INR 69.17 Cr.
Also, in December last year, the gaming giant picked up an additional 10.26% stake in Absolute Sports for INR 72.73 Cr.
“…we wish to inform you that the company has acquired 18,330 equity shares of INR 1/- each, representing 8.97% of the equity share capital of Absolute, from the Sellers against payment of sale consideration of INR 69.17 Crores,” Nazara said in an exchange filing today (March19). .
Founded in 2010, Absolute Sports, which is legal entity of Sportskeeda, operates in the media and entertainment industry, offering sports content, schedules, live scores, and gaming-related services.
Last year, Bengaluru-based Sportskeeda entered into an asset purchase agreement with Deltia’s Gaming, a Nebraska Limited Liability Company, to acquire the latter’s IP rights for $900,000 in an all-cash deal.
Also, in 2024, it picked up 73.27%US-based NFL news outlet Pro Football Network Inc in an all-cash deal worth $1.82 Mn.
Nazara has been on an acquisition spree for quite some time now. In December last year, it announced plans to acquire additional stake in three of its subsidiaries – NODWIN, Absolute Sports and Datawrkz. Besides, Nazara also make investments in Funky Monkeys and edtech Learntube.ai.
In the same month, it increased its stake in Nextwave Multimedia to 74.88% from 71.88%, the developers of the mobile cricket game franchise World Cricket Championship, for INR 2.3 Cr.
On the financial front, Nazara’s consolidated net profit declined 53.5% to INR 13.7 Cr in the third quarter of the financial year 2024-25 (Q3 FY25) from INR 29.5 Cr in the year-ago quarter.Quaterly, the profit declined 15.4% from INR 16.2 Cr.
However, the gaming major reported its highest revenue ever for the quarter under consideration at INR 534.7 Cr from INR 320.4 Cr in Q3 FY24. Sequentially, it increased 67.7% from INR 318.9 Cr.
