Absolute Sports to acquire SoapCentral.com's assets for Rs 11.6 crore

6 Jun 2024 , 10:43 AM

Nazara Technologies Limited’s shares surged in the early trade on June 5. The surge followed the announcement of its subsidiary, Absolute Sports, acquiring SoapCentral.com’s assets for ₹11.6 Crore in cash.

At the time of writing, on June 6, the stocks were trading at ₹782 which is a 12.26% gain than the previous close. The stock has gained 24% in the last one year, and 8% dip since the beginning of the year.

The acquisition aims to bolster Absolute Sports’ presence in the US entertainment publishing sector, adding to its existing pop culture platform, SK Pop. The deal is expected to be finalized within the next 30 days, as per the company’s regulatory filing on June 5.

Management sees the entertainment publishing industry as twice the size of sports publishing, providing ample opportunities for Absolute’s expansion into various content categories.

Absolute Sports, through its flagship brand Sportskeeda.com, is a global sports media platform catering to over 100 million fans monthly.

Nazara Technologies reported a net profit of ₹0.18 Crore in Q4, a significant decline from ₹9.4 Crore in the same period last year.

The decline was attributed to a ₹16.87 Crore loss from discontinued operations, including write-offs from legacy businesses like Halaplay. Nazara announced plans to merge or close entities not aligned with its future vision, such as Nazara Bangladesh and NZ Mobile Nigeria.

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