SUMMARY
The transaction was initiated on March 22, with Sportskeeda picking up 73.27% of Pro Football Network via Absolute Sports
Sportskeeda also reserves an option to acquire up to 10% and up to 8% additional stake in Pro Football Network in 2024 and 2025, respectively
Pro Football Network, which covers NFL in the US, had a turnover of $2.1 Mn as on December 31, 2022, per Nazara’s filings
Sports media outlet Sportskeeda, a wholly-owned subsidiary of listed gaming startup Nazara Technologies has completed the acquisition of US-based NFL news outlet Pro Football Network Inc.
The transaction was initiated on March 22, with Sportskeeda picking up 73.27% of Pro Football Network in an all-cash deal worth $1.82 Mn via another of Nazara’s wholly-owned subsidiaries, Absolute Sports.
To be sure, Nazara has parked Sportskeeda under the Absolute Sports umbrella. With this transaction, Pro Football Network will become a step-down subsidiary of Absolute Sports and a direct subsidiary of Sportskeeda.
“With this acquisition, Sportskeeda Inc. now holds 73.27% of the Capital Stocks of Pro Football Network Inc. and accordingly, Pro Football Network Inc. has become the subsidiary of Sportskeeda Inc., and step down subsidiary of Absolute Sports Private Limited and the company,” said Nazara in an exchange filing on Thursday.
Nazara announced the acquisition last month, marking Absolute Sports’ first-ever acquisition in the US sports media market after Nazara picked it up last year. The sports news portal also reserves an option to acquire up to 10% and up to 8% additional stake in Pro Football Network in 2024 and 2025, respectively.
Pro Football Network covers the National Football League (NFL) with almost 5 Mn monthly average users (MAUs). Per Absolute Sports, Pro Football Network’s in-depth coverage of the NFL will add value to its existing portfolio of sports media brands. Further, the acquisition will help enable extended coverage from the US.
Pro Football Network had a turnover of $2.1 Mn as on December 31, 2022.
“Our flagship brand, Sportskeeda, has achieved phenomenal success, with an increase from 15 Mn MAUs in 2019 to over 76 Mn in 2023, all while maintaining highly profitable operations. With this acquisition, we are happy that we have kick-started our M&A growth engine,” Ajay Pratap Singh, CEO of Absolute Sports, said on the acquisition.
Nazara’s announcement comes just a day after the listed gaming startup said it acquired a 51% stake in Singapore-based mediatech startup Branded in an all-cash deal worth $1.3 Mn. Pro Football Network is Nazara’s second acquisition of the year. Last year, Nazara and its subsidiaries picked up stakes in Wings, Datawrkz and WildWorks.
The gaming major posted INR 314.8 Cr in revenue from operations in Q3 FY23, as its profit increased 31% year-on-year to INR 22.4 Cr during the said quarter.
