Nazara Technologies-owned Absolute Sports has made its first acquisition in the US sports media market with the purchase of a 73.27% stake in Pro Football Network LLC, an analysis website covering NFL and college football.
The $1.8 million deal was an all-cash transaction, which included a primary infusion of capital and secondary stock purchases. The acquisition will help Absolute Sports to expand its portfolio of sports media brands, with flagship brand Sportskeeda having grown from 15 million to 80 million monthly active users between 2019 and 2023.
Absolute Sports plans to use its cash reserves to complete the transaction, which will help to deepen its presence in the US sports media market.
Ajay Pratap Singh, CEO of Absolute Sports, expressed his excitement at the acquisition, stating that it marks the beginning of a journey to create a comprehensive portfolio of sports media brands.
He also stated that he is confident that the acquisition will create massive value for the company’s audiences and stakeholders alike.
Nitish Mittersain, CEO and Joint MD of Nazara Technologies echoed Singh’s sentiments, stating that the acquisition will reinforce Absolute Sports’ growth and deepen its presence in the US sports media market.
Matt Cannata, Founder, and CEO of Pro Football Network expressed his excitement about the acquisition, stating that it is a huge day for the company. He also stated that the strategic investment and resources provided by Absolute Sports will help to super-charge the company’s growth.
Nazara Technologies had previously picked up a majority stake in Absolute Sports Private Ltd, which was then a 10-year-old business, in 2019. With this latest acquisition, Absolute Sports is set to further cement its position in the sports media landscape.