Key Points:
- Acquisition Details: Absolute Sports, a subsidiary of Nazara Technologies, has acquired SoapCentral.com, a US entertainment content website, for $1.4 million.
- Transaction Structure: The acquisition was made through Absolute Sports’ wholly-owned subsidiary, Sportskeeda.com, and is expected to be completed within 30 days.
- Funding: The transaction was funded using cash reserves, according to the company statement.
- Assets Acquired: The acquisition includes all intellectual property rights of Soap Central, such as domain rights, trademarks, content, website, and software codes.
- Strategic Objective: The acquisition aims to strengthen Absolute Sports’ presence in the US sports and entertainment market.
- CEO Statement: Ajay Pratap Singh, CEO of Absolute Sports, highlighted the growth opportunities in the entertainment publishing industry and expressed confidence in scaling Soap Central quickly.
- Growth Potential: Soap Central boasts a monthly website footprint of over 400,000 and achieved a gross turnover of $621,000 in CY2023.
- Expansion Strategy: The acquisition aligns with Absolute Sports’ strategy of diversification and expansion into multiple content categories.
- Market Position: This move positions Absolute Sports for accelerated growth and leadership in the sports and entertainment media landscape.
Absolute Sports, a sports media platform and subsidiary of Nazara Technologies, has completed the acquisition of SoapCentral.com, a US entertainment content website, for an all-cash deal worth $1.4 million (approximately Rs 11.6 crore). The transaction, facilitated through its wholly-owned subsidiary Sportskeeda.com, is set to finalize within 30 days, utilizing the company’s cash reserves, as stated in an official announcement.
As per regulatory filings, the acquisition encompasses all intellectual property rights, including domain rights, trademarks, content, website, and software codes of ‘Soap Central,’ with Sportskeeda Inc, a subsidiary of Absolute Sports Private Ltd, serving as the purchaser.
This strategic move is aimed at strengthening Absolute Sports’ foothold in the expansive US sports and entertainment market, underscoring the company’s commitment to diversification and expansion. According to Ajay Pratap Singh, CEO of Absolute Sports, the entertainment publishing industry presents significant growth opportunities, surpassing that of sports publishing, as highlighted by Similarweb’s data for 2024. Drawing from the success of previous acquisitions, such as Pro Football Network, Absolute Sports is confident in its ability to leverage its content publishing expertise and hyper-growth strategies to swiftly scale Soap Central.
With Soap Central boasting a monthly website footprint exceeding 400,000, the acquisition holds substantial potential, having generated a gross turnover of $621,000 (approximately Rs 5.2 crore) in CY2023. This acquisition not only expands Absolute Sports’ content portfolio but also positions the company for accelerated growth and market leadership in the dynamic landscape of sports and entertainment media.