Playmaker acquires New York-based sports media company The Sports Drop
Playmaker continues its sports media acquisition spree.
Toronto-based Playmaker has acquired The Sports Drop, an American sports media company that focuses on NFL, NBA, MLB and college sports coverage. Financial terms of the transaction were not disclosed.
Both companies operate in the same digital sports media space. Playmaker, which is listed on the TSX Venture Exchange (TSXV), said the acquisition will build on its reach in the United States (US), which is a key market for the company as it continues to make inroads into English-speaking countries and American Hispanic sports fans.
Sports Drop founder Mike Bellom has joined Playmaker’s management team as Head of Paid Media. The other employees of The Sports Drop will continue in their roles.
Launched in 2021, Playmaker is a digital sports media company that works at the intersection of sports, gambling, media and technology. The acquiring company said it is building a premier collection of sports media brands that are organized to provide sports fans with sports betting companies, leagues, teams and advertisers.
Launched in 2015, The Sports Drop, headquartered in New York, claims that it averages more than 30 million page views per month and 200 million monthly ad impressions. Following its consolidation with Playmaker, it expects to bring an average of over three million monthly users to Playmaker’s North American audience.
A Playmaker spokesperson told BetaKit that the Sports Drop brand will operate under the US and Latin America-based Futbol venues, which Playmaker acquired last year. The Sports Drop will retain its branding and operational structure with plans to expand by collaborating with other brands in Playmaker’s portfolio. Playmaker has acquired 11 companies to date.
RELATED: Playmaker Capital Begins Trading on TSX Venture Exchange
Under the ticker “PMKR”, Playmaker began trading on the TSXV in June last year via a reverse takeover of seed capital firm Apolo III Acquisition Corp.
The startup acquired a number of companies to expand its reach in international markets beyond North America. In addition to The Sports Drop and Futbol Sites, Playmaker has also acquired UK-based Two-Up, a digital product agency focused on the online gaming industry.
In April 2021, Playmaker raised $24 million via a private placement, which consisted of a brokered offering of approximately $16 million led by Canaccord Genuity, and a no-brokerage offering that raised nearly $8 million.
Most recently, Playmaker entered into a multi-year credit facility with a Canadian Tier 1 bank totaling US$15 million. The bank participating in this agreement was not disclosed. Playmaker has used this capital for acquisitions and general corporate purposes.
Featured image by Jimmy Conover via Unsplash.