Sportskeeda acquires 73.27% stake in Pro Football Network for $1.82 Mn

• ByStartupStory     |    April 8, 2023

Nazara Technologies’ wholly-owned subsidiary, Sportskeeda, has acquired US-based NFL news outlet Pro Football Network Inc. The deal, which was initiated on March 22, saw Sportskeeda purchase 73.27% of Pro Football Network in an all-cash transaction worth $1.82 Mn through another of Nazara’s subsidiaries, Absolute Sports.

Nazara Technologies has placed Sportskeeda under the Absolute Sports umbrella. Following the acquisition of US-based NFL news outlet Pro Football Network Inc., the company will become a step-down subsidiary of Absolute Sports and a direct subsidiary of Sportskeeda. Nazara stated in an exchange filing that Sportskeeda now holds 73.27% of Pro Football Network’s capital stocks, making it the subsidiary of Sportskeeda and the step-down subsidiary of Absolute Sports.

Absolute Sports, a subsidiary of Nazara Technologies, has made its first-ever acquisition in the US sports media market with the purchase of Pro Football Network Inc. Sportskeeda, also owned by Nazara, acquired 73.27% of Pro Football Network in an all-cash deal worth $1.82 Mn, with an option to acquire up to 10% and 8% additional stake in 2024 and 2025, respectively. With almost 5 million monthly average users, Pro Football Network’s coverage of the National Football League (NFL) is expected to add value to Absolute Sports’ existing portfolio of sports media brands and help extend coverage from the US.

Nazara Technologies has announced the acquisition of US-based NFL news outlet Pro Football Network Inc, marking its second acquisition of the year after its recent acquisition of Branded. The acquisition was made by Nazara’s wholly-owned subsidiary, Absolute Sports, with Sportskeeda holding 73.27% of the capital stocks of Pro Football Network. The acquisition is expected to add value to Absolute Sports’ existing portfolio of sports media brands, while also enabling extended coverage from the US. According to Absolute Sports CEO Ajay Pratap Singh, the acquisition kick-starts the company’s M&A growth engine. Pro Football Network had a turnover of $2.1 Mn as of December 31, 2022, and covers the National Football League with almost 5 Mn monthly average users.

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