Absolute Sports acquires majority stake in Pro Football Network LLC

Absolute Sports, the parent company of Sportskeeda and a Nazara subsidiary, announced today that it has signed definitive agreements, subject to closing conditions, to acquire a 73.27% stake in Pro Football Network LLC (PFN), a premier source of coverage and analysis of the NFL (United States' most watched sport) and college football.

This marks the first acquisition for Absolute Sports in the US Sports Media market as it looks to bolster its existing user base and offerings in the US.

The all-cash transaction includes acquisition of 73.3% stake for US$1.82 million (~ Rs 16 crore) through primary infusion of capital and secondary stock purchases.

 

In CY22, PFN had revenues of US $2.1 million (~ Rs 17.5 crore). Absolute Sports will use its cash reserves to fund the transaction.

Powered by Capital Market - Live News