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Nazara Technologies Limited’s shares were up 6.22 per cent after the company announced an expansion through its subsidiary, Absolute Sports. The subsidiary inked an asset purchase agreement to acquire all assets of SoapCentral.com, a US-based entertainment content website.
The transaction is for an all-cash consideration of ₹11.6 crore and is expected to be closed in the next 30 days. In CY23, SoapCentral reported a revenue of ₹5.2 crore. Absolute Sports will use its cash reserves to fund the transaction.
The company said, SoapCentral.Com, founded by Dan J. Kroll in 1995, established itself as a source of entertainment content in the US, catering to a user base with over 400K monthly visitors. With this acquisition, the company aims to leverage its expertise in content scaling and operational strategies to propel Soap Central for entertainment enthusiasts in the US market.
Ajay Pratap Singh, CEO of Absolute Sports, said, “We are thrilled to announce our expansion in the entertainment segment with the acquisition of Soap Central. 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.”
Nazara Technologies share price jumped 6.22 per cent to ₹719.40 at 11.47 am on the BSE.
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