Absolute Sports acquires all assets of Soap Central for $1. 4 million in all-cash transaction
With this acquisition, the company aims to be one of the leading sports and entertainment publishers in the U. S. market.
The transaction is expected to close within the next 30 days.
Absolute Sports, a subsidiary of Nazara Technologies, is acquiring all assets of Pennsylvania-based Soap Central, entertainment news, for $1. 4 million (approximately INR 11. 6 Cr) in an all-cash transaction.
With this acquisition, Absolute Sports, the parent entity of Sportskeeda and Pro Football Network, aims to be one of the leading sports and entertainment publishers in the U. S. market.
Absolute Sports, which already operates SK Pop (Pop-Culture), plans to use its expertise in expanding entertainment content to make Soap Central the best entertainment destination for its U. S. fans. The company said in a statement.
The transaction is expected to close within the next 30 days.
Founded in 2009, Absolute Sports, through its flagship Sportskeeda. com logo, is a global sports media platform that covers sports and esports topics and claims to reach more than one hundred million enthusiasts every month.
In 2019, Nazara, a publicly traded media and gaming platform, acquired a majority stake in Absolute Sports.
“The entertainment publishing industry is more than twice as long as the sports publishing industry (Similarweb, 2024) and gives us a canvas for expansion in various content categories. After testing our content publishing and hyper-growth playbook with the acquisition of Pro Football Network last year, we are confident that we can grow Soap Central in a very short time,” said Ajay Pratap Singh, CEO of Absolute Sports.
Founded in March 1995 by Dan J. Kroll, Soap Central offers news, full recaps, trailers and trailers, character profiles, interviews, and more for U. S. TV shows. U. S.
In calendar year 2023, Soap Central generated $621,000 (approximately INR 5. 2 Cr).
The move comes days after shares of video game Nazara Technologies rose 15. 3% to INR 809. 8 in intraday trading on the London Stock Exchange on Monday, June 3.
In addition, the company’s consolidated profit declined by 98% to INR 18 Lakh in the fourth quarter of the 2023-24 monetary year (FY24) from INR 9. 4 Cr in the last year quarter. Sequentially, the company’s profit also saw a significant decline of INR 29. 5 Cr in the third quarter of FY24.
Nazara attributed this to fees of INR 11. 37 Cr due to goodwill impairments and INR 10. 56 Cr for intangible assets similar to the gaming segment in the fourth quarter.
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