DELAWARE CITY, Del., March 22, 2023 (Newswire.com) - Absolute Sports, the parent company of Sportskeeda and one of the world's leading providers of sports news and analysis with over 76 million monthly active users, announced today that it has signed definitive agreements, subject to closing conditions, to acquire a 73.27% stake in Pro Football Network LLC, a premier source of coverage and analysis of the NFL and college football. This marks the first acquisition for Absolute Sports in the U.S. sports media market as it looks to bolster its existing user base and offerings in the U.S. The all-cash transaction includes a primary infusion of capital and secondary stock purchases.
With more than an average of 5 million unique monthly active users, Pro Football Network is widely recognized as one of the best NFL-focused sports sites in the country. Its in-depth coverage of the NFL, including unique content and tools aimed at fantasy football users, will add value to Absolute Sports' existing portfolio of sports media brands. The acquisition will help both companies derive synergistic value, enabling extended coverage from the U.S.
"We are thrilled to welcome Matt and the entire team at Pro Football Network to the Absolute Sports family. This is our first step in building a portfolio of sports media brands, deeply focused on the largest sports markets in the U.S.," said Anirudh Kumar, Chief Strategy Officer of Absolute Sports. "PFN's highly engaged and passionate user base of football fans will be a great complement to our other brands, including Sportskeeda, which already have a large user base in the U.S."
"We are confident that by replicating our hyper-growth playbook across our family of brands, we will continue to deliver outstanding experiences to sports audiences and build a dominant position in the U.S. sports media landscape," Kumar said, highlighting Absolute Sports' commitment to expanding its portfolio via more aggressive M&A and replicating its success across all brands.
PFN was founded in 2019 by its current Chief Executive Officer, Matthew Cannata, and Chief Administrative Officer, Aaron Sutton. The company's relentless focus on quality content across different mediums, along with the release of its Mock Draft Simulator in 2020, has fueled its growth and has helped make it one of the top three sites for NFL news and analysis in the U.S. according to SimilarWeb rankings of January 2023.
"This is a huge day for Pro Football Network. For quite some time, we were looking for the perfect partner and Absolute Sports is just that," said Cannata. "Their strategic investment and the resources they will provide us will change the football media landscape and allow us to compete on a global level with the biggest brands across the world."Contact Information:
PR & Communication- Manager, Sportskeeda
Original Source: Absolute Sports Acquires Majority Stake in Pro Football Network, Expands Reach in the U.S. Sports Media Market