Sportskeeda Inc, a wholly owned subsidiary of Absolute Sports Private Limited has signed a definitive agreement for the acquisition of 73.27 per cent of the capital stocks of Pro Football Networks, the company announced through an exchange filing. The acquisition is part of the growth strategy of the company to strengthen the strategic position and presence in the US digital sports media market. It will also help Sportskeeda in increasing its revenues in digital media space.
The acquisition is proposed by way of 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, which in aggregate represent up to 73.27% of the capital stock. Further, Sportskeeda Inc, reserves an option to acquire up to 10% and up to 8% additional stock of the Pro Football Network LLC in CY 2024 and CY 2025 respectively.
The proposed acquisition is subject to fulfillment of certain customary conditions precedent and other terms and conditions as set forth in the definitive agreements. The acquisition is being funded out of internal cash reserves of Sportskeeda which has been advanced as loan to its wholly owned subsidiary ‘Sportskeeda Inc’.
Pro Football Networks
Pro Football Network LLC is a US Sports Digital Media Publisher focusing on publishing content related to the National Football League in the United States. With more than an average of 5 million MAUs, Pro Football Network is widely recognized as one of the best NFL-focused sports sites and is ranked 3rd amongst the top NFL focused media sites in the US (SimilarWeb Rankings, January 2023). The NFL is the most watched sport in the US. The company's turnover in December 2022 was at $2,124,007.
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