Nazara Technologies-owned Absolute Sports, the parent company of sports news and analysis website Sportskeeda, has acquired 73.27% stake in US-based Pro Football Network LLC.
According to Absolute Sports, the $1.8 million acquisition was an all-cash transaction and includes a primary infusion of capital and secondary stock purchases and the firm will use its cash reserves to complete the transaction.
This is the first acquisition for Absolute Sports in the US sports media market. The deal will help both companies derive synergistic value, enabling extended coverage from the U.S, the company said in a statement.
Absolute Sports, via its flagship brand Sportskeeda, covers sports and esports subjects and serves more than 100 million fans every month. In 2019, Nazara, listed on the stock exchanges, picked up a majority stake in the company, which was then a 10-year old business.
With more than an average of 5 million unique monthly active users, Pro Football Network is widely recognized as one of the NFL-focused sports sites in the country. Its in-depth coverage of the NFL, including unique content and tools aimed at fantasy football users, is expected to add value to Absolute Sports’ existing portfolio of sports media brands.