Nazara subsidiary Sportskeeda takes majority stake in Pro Football Network
Nazara Technologies said that its subsidiary Absolute Sports, the parent company of Sportskeeda, has acquired a stake of 73.3% in Pro Football Network (PFN) for INR 16 crores ($1.8 million).
Pro Football Network is engaged in covering and analyzing the NFL and college football. In the year 2022, Pro Football Network earned revenues of $2.1 million (INR 17.5 crores).
Matt Cannata — Pro football Network Founder and CEO said: “This is a huge day for Pro Football Network. For quite some time, we were looking for the perfect partner and Absolute Sports is just that.
“Their strategic investment and the resources they will provide us will supercharge Pro Football Network to levels beyond one’s imagination and allow us to compete with the biggest brands in the sports media landscape.”
Absolute Sports is expected to utilize its cash reserves to fund the deal. Its flagship brand Sportskeeda is an India-based sports media platform that covers various sports and esports subjects.
Nitish Mittersain — Nazara Technologies CEO and joint MD said: “The PFN acquisition kickstarts an inorganic growth strategy in addition to the rapid organic growth in revenues and profitability that the company has been delivering. Looking forward to the next set of exciting products and content the team will bring to sports fans all over the world.”
The deal represents the maiden acquisition of Absolute Sports in the American sports media market and is part of its efforts to strengthen its current user base and offerings in the US.