Sportskeeda a subsidiary of Nazara Technologies, Acquires Pro Football Network for $1.8 Million

• ByStartupStory     |    March 23, 2023

Absolute Sports has acquired a majority stake of 73.3% in Pro Football Network, a US-based digital platform that provides comprehensive coverage and analysis of the National Football League. The deal, worth $1.82 million (Rs 16 crore), comprises both primary investment and secondary share purchases from current stakeholders, according to a regulatory filing.

Nazara Technologies has announced the acquisition of Pro Football Network (PFN) via its subsidiary Absolute Sports, which is the parent company of Sportskeeda, according to a statement released on Wednesday.

Nazara Technologies’ CEO and joint MD, Nitish Mittersain, has expressed enthusiasm about the acquisition of Pro Football Network (PFN) and the company’s inorganic growth strategy. He also anticipates that the PFN acquisition will complement the firm’s rapid organic growth in revenue and profitability. Mittersain looks forward to the team’s future offerings, which he believes will excite sports enthusiasts globally.

In 2022, Pro Football Network (PFN) generated $2.1 million (Rs 17.5 crore) in total revenue, and the acquisition by Nazara Technologies’ subsidiary, Absolute Sports, marks a first for Sportskeeda. The purchase will enable Sportskeeda to expand its presence in the US by incorporating five million new unique monthly active users, according to the filing. Nazara Technologies’ CEO and joint MD, Nitish Mittersain, believes that the acquisition will fuel the firm’s inorganic growth strategy while also contributing to its rapid organic growth in revenue and profitability.

 

Nazara Technologies had previously invested around Rs 44 crore to acquire a 67% stake in Sportskeeda, which covers various mainstream sports such as cricket, football, esports, WWE, kabaddi, and MMA. With over 76 million monthly active users (MAU), Sportskeeda was founded in 2009.

Absolute Sports’ CEO, Ajay Pratap Singh, is optimistic that the acquisition of Pro Football Network (PFN) will add significant value to stakeholders and audiences, and he looks forward to pursuing additional acquisitions in the sports media industry. Sportskeeda has grown from 15 million monthly active users (MAUs) in 2019 to over 76 million in 2023, making it a profitable unit.

 Meanwhile, Matt Cannata, founder and CEO of PFN, expressed his belief that the strategic investment and resources provided by Nazara Technologies will propel PFN to compete with the largest brands in the sports media sector. Since 2017, Nazara Technologies, founded in 1999, has been actively investing in e-sports, mobile gaming, game publishing companies, and programming advertising platforms. With the latest acquisition, the company has spent over Rs 500 crore on more than ten acquisitions.

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