Absolute Sports, the parent company of sports news and analysis website Sportskeeda, has made its first acquisition in the sports media market in the US. Sportskeeda on Tuesday signed definitive agreements to acquire a stake of 73.27% in US sports media company Pro Football Network, according to media reports.
An exchange filing revealed that Sportskeeda, which is also the global sports subsidiary of Nazara Technologies, is set to acquire the majority stake for a total of $1.82 million (₹16 crores) in an all-cash deal. The deal is yet to be set in stone and is subject to fulfillment of customary precedent and other terms and conditions as set forth in the definitive agreements. A statement by Pro Football Network revealed that the all-cash transaction comprises a combination of primary capital infusion and secondary stock purchases.
As per reports, Ajay Pratap Singh, CEO of Absolute Sports said that our flagship brand, Sportskeeda, has achieved success, with an increase from 15 million monthly active users in 2019 to 80 million in 2023.
The company will use its cash reserves to complete the transaction. Furthermore, the company has the option to acquire up to 10 per cent of additional stock of the Pro Football Network in the calendar year 2024, and up to 8% of the stock in the next calendar year.