Nazara's Absolute Sports Acquires US Entertainment Site Soap Central
By Rediff Money Desk, New Delhi Jun 05, 2024 12:15
Nazara Technologies subsidiary Absolute Sports has acquired US entertainment website SoapCentral.com for USD 1.4 million, aiming to expand its reach in the US market. The acquisition is expected to be completed in 30 days.
New Delhi, Jun 5 (PTI) Sports media platform Absolute Sports, a subsidiary of Nazara Technologies, on Wednesday announced the acquisition of the US entertainment content website SoapCentral.com for an all-cash consideration of USD 1.4 million (Rs 11.6 crore).
The acquisition, made through its wholly-owned subsidiary Sportskeeda.com, is expected to be completed in 30 days. The company will use its cash reserves to fund the transaction, according to a company statement.
"Sportskeeda Inc. (Purchaser), a wholly-owned subsidiary of Absolute Sports Private Ltd (Absolute), a material subsidiary of the company, is acquiring all the Intellectual Property Rights including but not limited to Domain Rights, trademark, content, website, software codes etc. of "Soap Central" ("IP Assets")," a regulatory filing said.
The acquisition aims to solidify the company's stance in the US sports and entertainment market, according to a company statement.
"The entertainment publishing industry is more than twice the size of sports publishing (Similarweb, 2024) and allows us a great canvas for expansion into multiple content categories...Having tested our content publishing and hyper-growth playbook with the acquisition of Pro Football Network last year, we are confident of scaling Soap Central in a very short time," said Ajay Pratap Singh, CEO, Absolute Sports.
With a monthly website footprint of more than 4 lakh, Soap Central achieved a gross turnover of USD 6,21,000 ( about Rs 5.2 crore) in CY2023.
The acquisition, made through its wholly-owned subsidiary Sportskeeda.com, is expected to be completed in 30 days. The company will use its cash reserves to fund the transaction, according to a company statement.
"Sportskeeda Inc. (Purchaser), a wholly-owned subsidiary of Absolute Sports Private Ltd (Absolute), a material subsidiary of the company, is acquiring all the Intellectual Property Rights including but not limited to Domain Rights, trademark, content, website, software codes etc. of "Soap Central" ("IP Assets")," a regulatory filing said.
The acquisition aims to solidify the company's stance in the US sports and entertainment market, according to a company statement.
"The entertainment publishing industry is more than twice the size of sports publishing (Similarweb, 2024) and allows us a great canvas for expansion into multiple content categories...Having tested our content publishing and hyper-growth playbook with the acquisition of Pro Football Network last year, we are confident of scaling Soap Central in a very short time," said Ajay Pratap Singh, CEO, Absolute Sports.
With a monthly website footprint of more than 4 lakh, Soap Central achieved a gross turnover of USD 6,21,000 ( about Rs 5.2 crore) in CY2023.
Source: PTI
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