Gaming and sports media company Nazara Technologies Ltd on Wednesday, March 22, said its subsidiary Sportskeeda Inc has acquired a 73.27 percent stake in Pro Football Network LLC for $1.817 million.
Sportskeeda Inc reserves an option to acquire up to 10 percent and up to 8 percent additional stock of the Pro Football Network LLC in CY 2024 and CY 2025 respectively, the company said in an exchange filing.
The acquisition is proposed by way of a combination of both primary infusion in preferred stocks and secondary purchase of common stock from its existing stockholders and subsequent exchange of such common stock into preferred stock, it said.
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The proposed investment is part of Sportskeeda's growth strategy to strengthen the strategic position and presence of the company in the US digital sports media market. The proposed acquisition will help Sportskeeda to increase its revenues in the digital media space.
Pro Football Network LLC is a US sports digital media publisher focused on publishing content related to the National Football League in the United States.
With more than an average of five million monthly active users, Pro Football Network is widely recognised as one of the best NFL-focused sports sites and is ranked third amongst the top NFL-focused media sites in the US (SimilarWeb Rankings, January 2023). NFL is the most watched sport in the US.
The acquisition is being funded out of the internal cash reserve of Sportskeeda, which has been advanced as a loan to its wholly-owned subsidiary Sportskeeda Inc.
(Edited by : Shoma Bhattacharjee)
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