Absolute Sports has picked up a 73.3% stake in Pro Football Network, a digital platform that covers and analyses the National Football League in the United States, for $1.82 million (Rs 16 crore).
The deal is a combination of primary investment and secondary share purchase from existing shareholders, the regulatory filing added.
“The PFN acquisition kickstarts an inorganic growth strategy in addition to the rapid organic growth in revenues and profitability that the company has been delivering. Looking forward to the next set of exciting products and content the team will bring to sports fans all over the world,” Nitish Mittersain, CEO and joint MD of Nazara Technologies said.
In 2022, PFN registered total revenues of $2.1 million (Rs 17.5 crore).
The purchase, a first for Sportskeeda, will help it bolster its presence in the US by adding 5 million unique monthly active users to its portfolio, the filing added.
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“The PFN acquisition kickstarts an inorganic growth strategy in addition to the rapid organic growth in revenues and profitability that the company has been delivering. Looking forward to the next set of exciting products and content the team will bring to sports fans all over the world,” Nitish Mittersain, CEO and joint MD of Nazara Technologies said.Gaming enterprise Nazara Technologies had invested around Rs 44 crore to acquire a 67% stake in Sportskeeda, a platform that covers mainstream sports such as football, cricket, esports, basketball, kabaddi, WWE and MMA, in 2019. Founded in 2009, Sportskeeda currently boasts of over 76 million monthly active users (MAU).
“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,” Ajay Pratap Singh, CEO of Absolute Sports.
Sportskeeda, with 15 million MAUs in 2019 to over 76 million in 2023, is currently a profitable unit.
“Their strategic investment and the resources they will provide us will supercharge Pro Football Network to levels beyond one’s imagination and allow us to compete with the biggest brands in the sports media landscape,” Matt Cannata, founder and CEO of Pro Football Network, said.
Founded in 1999, Nazara Technologies has been actively investing across e-sports, mobile gaming, game publishing companies and programming advertising platforms since 2017. Including the latest, it has spent Rs 500 crore in over 10 acquisitions, a company spokesperson told ET.
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