Nazara subsidiary Absolute Sports acquires SoapCentral.com for $1.4M
The acquisition aims to solidify the company's stance in the US sports and entertainment market.
Sports media platform Absolute Sports, a subsidiary of Nazara Technologies, has acquired 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.
Edited by Swetha Kannan