Versant buys golf simulation company Full Swing for $530 million

Versant Media GroupAmazon, owner of cable networks including CNBC, MS NOW and 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 model that CEO Mark Lazarus has set for investors since Versant began trading as a public company in January following its spinoff from Versant. Comcast.

Versant invests in non-traditional media companies that expand the brands it already owns. Earlier this year, the company acquired StockStory, an AI-powered technology platform that provides financial analysis, market insights and stock recommendations to CNBC.

The company’s golf business already owns the digital media platform GolfPass and tee time booking company GolfNow.

In May, Versant reported that revenue from its platforms business, which includes GolfNow, Fandango and some recently launched direct-to-consumer units, rose 9.5% to $192 million. The company has called for growth in its news and sports units. Executives said they aim to rebalance Versant’s revenue mix so that 50% of it is ultimately derived from digital, platforms, subscriptions, ad-supported and transactional businesses.

“Full Swing is exactly the kind of strategic platform that reflects how Versant is built:
“Investing in our core markets, expanding 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 to consumers, sporting goods stores and athletic training facilities. Both recreational and professional athletes use this technology. Bruin Capital bought Full Swing in 2021 for $160 million, Sportico reported at the time.

“Joining with Versant gives us the scale and distribution to bring our technology to more golfers, athletes and fans,” Full Swing CEO Ryan Daughters said in the release. Dotters will remain at Versant and report to Will McIntosh, head of digital platforms and projects.

The deal should close before December 31, the companies said in a statement.

– CNBC Lillian Rizzo Contribute to this article.