Versant Media Group to Acquire Golf Simulation Company Full Swing for $530 Million
L'essentiel
- Versant Media Group, owner of CNBC and Golf Channel, will acquire golf simulation company Full Swing for $530 million.
- This move aligns with Versant's strategy to invest in non-traditional media businesses and expand its golf portfolio, which already includes GolfPass and GolfNow.
Résumé généré par IA
Pourquoi c'est important
Versant Media Group is expanding its portfolio by acquiring non-traditional media businesses that complement its existing brands, aiming to increase digital revenue.
Versant Media Group , the owner of cable networks including CNBC, MS NOW and the Golf Channel, has agreed to acquire golf simulation company Full Swing from private equity firm Bruin Capital for about $530 million in cash.
The deal follows a template CEO Mark Lazarus has outlined to investors since Versant began trading as a public company in January following its spinout from Comcast .
Versant has been investing in nontraditional media businesses that broaden the scope of the brands it already owns. Earlier this year, the company acquired StockStory, an AI-powered tech platform that provides financial analysis, market insights, and stock recommendations, for CNBC.
The company's golf business already owns digital media platform GolfPass and tee-time reservation company GolfNow.
In May, Versant reported that revenue for its platforms business, which includes GolfNow, Fandango and some recently launched direct-to-consumer units, was up 9.5% to $192 million. The company has called out its growth in its news and sports units. Executives have said they aim to rebalance Versant's revenue mix so that eventually 50% of it is derived from digital, platform, subscription, ad-supported and transactional businesses.
"Full Swing is exactly the kind of strategic platform that reflects how we are building Versant: investing in our core markets, extending the reach of our iconic brands and creating new ways to serve passionate audiences," Lazarus said in a statement.
Full Swing develops and sells golf and baseball simulators for consumers, sporting goods stores and athletic training facilities. Both recreational and professional athletes use the technology. Bruin Capital purchased Full Swing in 2021 for $160 million, Sportico reported at the time.
"Joining Versant gives us the scale and distribution to bring our technology to even more golfers, athletes and fans," Full Swing CEO Ryan Dotters said in the statement. Dotters will stay at Versant and will report to Will McIntosh, president of digital platforms and ventures.
The transaction should close before Dec. 31, the companies said in a statement.
— CNBC's Lillian Rizzo contributed to this article.
À surveiller
Perspective IA — des possibilités, pas des certitudes
The transaction will close before December 31.
Très probable · En quelques mois
Questions ouvertes
- Will Full Swing's technology be integrated into existing Versant platforms?
- What is the projected revenue growth for Full Swing under Versant?
