- Versant will acquire Full Swing for approximately $530 million in cash.
- Full Swing adds to Versant’s golf assets, which already include Golf Channel, GolfNow and GolfPass.
- Full Swing has developed hardware and software used by general consumers, competitive athletes, coaches, and commercial venues.
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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’sLillian Rizzocontributed to this article
