Versant Media Group, the owner of a range of cable TV networks in the US, including CNBC, MS NOW, and the Golf Channel, has agreed to acquire golf simulator company Full Swing from private equity firm Bruin Capital for approximately $530 million.
Bruin Capital, which purchased Full Swing in 2021 for $160 million, has said that the sale should be completed by the end of the year.
Versant, which owns digital media platform GolfPass and tee-time reservation company GolfNow, has been investing in non-traditional 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.
In May, Versant reported that revenue for its platforms business, which includes GolfNow, was up 9.5% to $192 million.
Versant CEO Mark Lazarus said: “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. “Sports are becoming more interactive, more data-driven and more connected, and Full Swing allows us to build on that momentum. Starting from our strength in golf, we see an opportunity to scale a multi-sports technology platform for athletes, coaches, consumers, and fans.”
“Joining Versant gives us the scale and distribution to bring our technology to even more golfers, athletes and fans,” said Full Swing CEO Ryan Dotters, who will report to Will McIntosh, Versant’s president of digital platforms and ventures. “We’re proud of what our team has built, and we look forward to growing it alongside Versant’s portfolio of iconic brands.”
Tiger Woods is understood to hold a 2% shareholding in Full Swing, and is in line for a $11 million when the deal goes through. The 15-time major champion first invested in Full Swing n 2015 and has served as one of the brand’s ambassadors ever since.
The sale is subject to customary closing conditions and is expected to be completed by the end of the year.