M&A

M&A

Sportskeeda buys NFL-focused sports media co Pro Football Network for $1.8 M

BSE Disclosure  

Absolute Sports, the parent company of Sportskeeda, is to acquire a 73.27% stake in Connecticut (US)-headquartered Pro Football Network LLC (PFN), a premier source of coverage and analysis of the NFL (United States' most watched sport) and college football. The all-cash transaction includes acquisition of 73.3% stake for USD 1.82 million (about INR 16 crore) through primary infusion of capital and secondary stock purchases. The acquisition will help both companies derive synergistic value, enabling extended coverage from the US. Absolute Sports will use its cash reserves to fund the transaction. Pro Football Network focuses on the NFL, fantasy football, NFL Draft and college football. It connects with both casual and hardcore football fans. In CY22, PFN posted revenues of USD 2.1 million (about INR 17.5 crore). Established in 2009, Absolute Sports, via its flagship brand sportskeeda.com, is a global sports media platform that covers the world's biggest sports and e-sports subjects. It claims to serve more than 100 million fans every month. In 2019, Nazara, a publicly-listed diversified gaming and sports media platform, had picked up a majority stake in Absolute Sports.