Nazara Share Price Jumps As Flagship Sportskeeda Unit Makes U.S. Acquisition

Shares of Nazara Technologies were climbing on Wednesday after its subsidiary, Absolute Sports, said it will acquire all the assets of, a U.S. entertainment content destination.

What Happened: The ₹11.6 crore all-cash acquisition will improve Absolute Sports’ presence in the U.S. entertainment publishing sector.

The company also operates SK Pop, a pop culture destination that provides news and trends related to K-POP (Korean Pop) and Korean media. The deal is expected to be finalised within the next 30 days, according to a regulatory filing.

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Big Opportunity: Absolute Sports’ management said the entertainment publishing industry is more than twice the size of sports publishing, offering Absolute a significant opportunity for expansion into multiple content categories. They expressed confidence in rapidly scaling SoapCentral.

Absolute Sports, through its flagship brand, is a global sports media platform covering major sports and esports, serving over 100 million fans each month. In 2019, Nazara, a gaming and sports media platform, acquired a majority stake in Absolute Sports.

Price Action: Nazara Tech’s share price was up 4.9% at ₹708.15 in afternoon trade on Wednesday.

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