Versant to buy Full Swing in $530 million cash deal
The acquisition adds golf simulator technology to Versant’s Golf Channel, GolfNow and GolfPass businesses.
By Sofia Marchetti · World Affairs Correspondent
2 min read
Versant Media Group has agreed to buy Full Swing for about $530 million in cash, CNBC reported. The deal expands Versant’s golf business beyond media and reservations into simulator hardware and software used by athletes, coaches, consumers and venues.
Full Swing is being sold by Bruin Capital, the private equity firm that bought the company in 2021, according to CNBC and Sportico. The companies said the transaction is expected to close before Dec. 31, CNBC reported.
Versant owns cable networks including CNBC, MS Now and Golf Channel, according to CNBC. The Full Swing deal adds to a golf portfolio that already includes GolfNow, a tee-time reservation business, and GolfPass, a digital media platform, CNBC reported.
Golf assets grow
Full Swing develops and sells golf and baseball simulators for home users, sporting goods retailers and athletic training facilities, CNBC reported. Its technology is used by recreational players as well as professional athletes, according to CNBC.
Bruin Capital acquired Full Swing in 2021 for $160 million, Sportico reported at the time, according to CNBC. The sale price announced by Versant values the company at more than three times that figure.
Ryan Dotters, Full Swing’s chief executive, will remain with the business after the acquisition, CNBC reported. Dotters will report to Will McIntosh, Versant’s president of digital platforms and ventures, according to the report.
Part of Versant’s post-Comcast strategy
The acquisition fits a strategy Mark Lazarus, Versant’s chief executive, has described to investors since the company began trading publicly in January, CNBC reported. Versant became a public company after its spinout from Comcast, according to CNBC.
CNBC reported that Versant has been buying businesses outside traditional cable television that can extend brands it already owns. Earlier this year, Versant acquired StockStory, an AI-powered financial technology platform, for CNBC, according to the report.
Versant said in May that revenue in its platforms business rose 9.5% to $192 million, CNBC reported. That unit includes GolfNow, Fandango and some newer direct-to-consumer businesses, according to CNBC.
Company executives have said they want to shift Versant’s revenue mix over time so that half comes from digital, platform, subscription, advertising-supported and transaction-based businesses, CNBC reported. Lazarus said in a company statement cited by CNBC that Full Swing reflects Versant’s plan to invest in core markets, extend its brands and serve dedicated audiences.
Dotters said in the statement cited by CNBC that joining Versant will give Full Swing broader scale and distribution for its technology. The companies did not announce additional financial terms beyond the cash purchase price, according to CNBC.
This story draws on original reporting from CNBC.