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 $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 $6,21,000 ( about Rs 5.2 crore) in CY2023.
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