Nazara Technologies raises stake in Sportskeeda parent

19 Sep 2024 , 12:25 PM

Nazara Technologies has acquired an additional 19.35% share in Absolute Sports, the parent firm of Sportskeeda, for ₹145.5 Crores. With this purchase, Nazara’s entire ownership of Absolute Sports rises to 91%, bolstering the company’s position as a leader in sports media.

In addition to this strategic purchase, Nazara is aggressively seeking additional development prospects, including acquisitions in the offline gaming and publishing sectors.

In a separate release on September 18, 2024, the company announced its ambitions to raise 900 Crore. The funds raised would be used for strategic acquisitions and business expansion, improving Nazara’s potential to seize fresh growth opportunities, the company stated in an exchange filing.

Last month, Nazara received a letter of intent (LOI) to acquire Smaaash Entertainment, a sports entertainment enterprise backed by cricket legend Sachin Tendulkar.

Nazara has also made a significant investment in the blockchain industry, purchasing a 15.86% share in Stan, a blockchain-based e-sports fan interaction firm, via its wholly-owned subsidiary, Nazara Dubai FZ.

Nitish Mittersain, CEO and Joint Managing Director of Nazara Technologies, expressed confidence in the expansion strategy of the company. Our decision to increase our share in Absolute Sports to 91% reaffirms our commitment to backing innovative teams that drive transformational growth. We are pleased about the possibilities of our future acquisitions, which will strengthen our market position, he remarked.

Nazara Technologies is expanding its portfolio through smart investments and acquisitions, establishing itself as a leader in the gaming and esports sectors.

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