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Times Internet acquires majority stake in Cricbuzz
NEW DELHI: Times Internet Ltd (TIL) is on an acquisition spree. After acquiring Moneysights, CouponDunia, DineOut and MusicFellas, the company has made its fifth acquisition this year by grabbing a majority stake in cricket news portal Cricbuzz.
Cricbuzz and GoCricket, the latter launched by Times Internet earlier this year, will be merged to create a cricket news destination, reaching over 50 million monthly users on digital platforms.
Founded in 2004, Cricbuzz has built a strong and loyal user base, particularly on mobile, and is known for its speedy cricket updates. GoCricket has seen tremendous success and growth since its inception.
Starting with live streaming IPL across devices, GoCricket’s popularity enhanced further with original content, including an exclusive partnership with Sourav Ganguly.
Times Internet intends to leverage Cricbuzz’s strong loyalty and expertise in the cricket domain, coupled with rich editorial content across text, photos, and videos, to build a great user experience around cricket.
Cricbuzz founders Pankaj Chhaparwal, Piyush Agrawal and Pravin Hegde have over the years developed it into a successful digital cricket business.
“We are thrilled to join Times Internet. Given their leadership in digital, this will be a tremendous boost towards scaling up the user base and offering unparalleled cricket content to Cricbuzz consumers,” Cricbuzz CEO Pankaj Chhaparwal said on the occasion.
TIL CEO Satyan Gajwani said, “We are always looking for great businesses that will scale meaningfully in a mobile-first world. Despite being a start-up, Cricbuzz has been a thriving, growing business with significant scale. In combination with the resources of GoCricket, we want to build a great cricket franchise to capitalise on the growing interest in India’s favourite sport across mobile devices.”