Versant Media GroupThe company, owner of cable networks including CNBC, MS NOW and the Golf Channel, has agreed to buy golf simulation company Full Swing from private equity firm Bruin Capital for about $530 million in cash.
The deal follows the template that CEO Mark Lazarus has outlined to investors since Versant began spinning out as a publicly traded company in January. comcast.
Versant has invested in non-traditional media businesses that extend the reach of the brands it already owns. Earlier this year, the company acquired StockStory, an AI-powered technology platform that provides financial analysis, market insights and stock recommendations, to CNBC.
The company’s golf business already owns digital media platform GolfPass and tee time reservation company GolfNow.
Versant reported in May that revenue from its platform business, which includes GolfNow, Fandango and some recently launched direct-to-consumer units, rose 9.5% to $192 million. The company is touting growth in its news and sports divisions. Executives said they aim to rebalance Versant’s revenue mix so that eventually 50% of its revenue comes from digital, platform, subscription, ad-supported and transactional businesses.
“Full Swing is a strategic platform that reflects exactly how we are building Versant.
Investing in our core markets, expanding the reach of our iconic brands and creating new ways to serve our passionate audiences,” Lazarus said in a statement.
Full Swing develops and sells golf and baseball simulators for general consumers, sporting goods stores, and sports training facilities. Both recreational and professional athletes use this technology. Bruin Capital acquired 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 a statement. Mr. Dotters will remain at Versant and report to Will McIntosh, President of Digital Platforms and Ventures.
The companies said in a statement that the deal should close by Dec. 31.
—CNBC’s Lillian Rizzo contributed to this article.
