Gaming platform company Nazara Technologies has acquired an additional 10.26% stake in its subsidiary Absolute Sports for Rs 72.73 crore, according to an exchange filing on December 26. This acquisition raises Nazara’s stake in Absolute Sports to 81.94%.
The acquisition was in furtherance of a SPA dated September 18, 2024, between Nazara, Absolute Sports, and the latter’s founding shareholders-Porush Jain and Srinivas Cuddapah-pursuant to which the former would acquire 19.35% equity interest in Absolute Sports in tranches. “Nazara has completed the acquisition of 21,830 equity shares representing 10.26% of the Equity Share Capital of Absolute Sport on December 26, 2024,” the company said.
Parent company Absolute Sports – which owns Sportskeeda – has also retained its spot as one of the top 10 US sports news websites as of September 30. On its part, Absolute Sports witnessed revenue rise 22% while EBITDA increased 18% in the first half of FY25.
Nazara’s revenues for H1FY25 were mainly contributed by gaming and e-sports segments, accounting for 36% and 57%, respectively. The firm operates in three major divisions: Gaming, Esports, and Ad-tech. Geographically, North America retained the lead as the highest contributor to Nazara, accounting for 39%, followed by India at 31%, and the rest of the world at 30%.
Despite the strong performance from Sportskeeda, Pro Football Network suffered a year-on-year EBITDA decline in the short term due to reduced traffic during the NFL season that started in September. The company feels this is temporary and expects the platform to recover in the coming quarters.
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Source: Moneycontrol
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