ITV Network, which owns a clutch of news channels and dailies, has bought out Sports Flashes’ radio business in an all-stock deal.
Sports Flashes’ internet radio service, which was launched in January 2018, broadcasts sports content such as live chat commentaries, talk shows and special sports programmes. The company had picked up the audio rights of the English Premier League, global audio broadcaster rights of India cricket as well as footage rights of all past World Cup cricket matches.
“We have carved out the radio business, and it has been sold to ITV Network in an all-stock deal,” Raman Raheja, founder and managing director of Sports Flashes, told ET. “I will continue to drive the radio business, and we will be able to leverage the ITV Network’s infrastructure and add video to our service,” Raheja added.
With ITV’s support, the company will also add multiple regional languages — Punjabi, Marathi, Gujarati and North East Indian languages — to its offering.
“Currently, we offer content in Hindi, English and Bengali. ITV has news channels across Hindi, English as well as regional languages, which will help us also to expand our offerings. They also own Pro Wrestling League and have interests across sports,” Raheja said.
Last year, Sports Flashes entered the fantasy sports genre with the launch of Sporty Jackpot, allowing users to play fantasy cricket, football and other sports for as low as one rupee.
“I will continue to run the fantasy sports and video production business,” Raheja said, adding that only the radio business has been sold.
Raheja said the deal with ITV will ensure the company’s growth and give him time to focus on other businesses.
SRI Capital and Bennett Coleman & Co (BCCL) — which owns the Times of India group that also publishes this paper — are investors in Sports Flashes.