Golf simulator company to join CNBC owner’s expanding sports and digital portfolio
NEW YORK: Versant Media Group, the owner of cable networks CNBC, MS NOW and the Golf Channel, has agreed to acquire golf simulation company Full Swing from private equity firm Bruin Capital for approximately $530 million in cash, the companies announced Monday.
The transaction follows a strategy that CEO Mark Lazarus has outlined to investors since Versant began trading as a public company in January, following its spin-off from Comcast. The deal is expected to close before Dec. 31.
Building a Digital-First Sports Ecosystem
Versant has been investing in nontraditional media businesses that expand the reach of its existing brands. Earlier this year, the company acquired StockStory, an AI-powered platform offering financial analysis, market insights and stock recommendations, for CNBC.
In golf, Versant already owns digital media platform GolfPass and tee-time reservation company GolfNow. The acquisition of Full Swing adds hardware and technology to that portfolio, giving the company a direct line to both recreational and professional players.
“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. Bruin Capital purchased the company in 2021 for $160 million, according to Sportico.
Revenue Mix Shift Underway
In May, Versant reported that revenue for its platforms business — which includes GolfNow, Fandango and several recently launched direct-to-consumer units — rose 9.5% to $192 million. Executives have highlighted growth in both news and sports units and have said they aim to rebalance Versant’s revenue mix so that eventually 50% comes from digital, platform, subscription, ad-supported and transactional businesses.
Full Swing CEO Ryan Dotters will remain with Versant and report to Will McIntosh, president of digital platforms and ventures.
“Joining Versant gives us the scale and distribution to bring our technology to even more golfers, athletes and fans,” Dotters said in a statement.
The companies did not disclose financing details for the all-cash deal.
