New Delhi, Sep 17 (PTI) E-sports company NODWIN Gaming on Friday said it has acquired the gaming and adjacent IP business of OML Entertainment for Rs 73 crore.

The transaction will provide partial liquidity to OML Entertainment's shareholders, including CA Media, according to a statement.

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OML Entertainment Managing Director Ajay Nair will join the board of NODWIN Gaming, a subsidiary of the BSE-listed Nazara Technologies, as part of this transaction, it added.

Nair will work with Akshat Rathee, managing director of NODWIN Gaming, and the NODWIN Gaming management team to ensure smooth integration of the OML IPs with NODWIN Gaming and help with growing NODWIN Gaming's business, the statement said.

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OML Entertainment is known for managing some of India's biggest gaming and entertainment creators such as Tanmay Bhat, Samay Raina and Suhani Shah, and for owning and executing storied IPs such as the BACARDÍ NH7 Weekender, LOLstars, Headliners, and Breezer Vivid Shuffle.

OML Entertainment has also worked with some of the biggest brands in India to produce well-known properties such as the Levi's Music Week and YouTube FanFest.

"NODWIN Gaming strongly believes that continuous growth in the IP portfolio is central to building a vibrant ecosystem of fans, talent, broadcasters and brands.

"This has been the essence of NODWIN Gaming since the early days of creating The India premiership or Dew Arena," Rathee said.

He added that the addition of some of the largest IPs in India like NH7 Weekender is going to accelerate the massification of esports and gaming entertainment across the spectrum of fans and brands.

"The multi-faceted talent that joins us cuts across gaming and pop culture and lays the perfect foundation for NODWIN Gaming to create more IPs. The proven capability of the brilliant team that joins us from OML Entertainment will further ensure that we can execute and monetise our IPs," he said.

Nazara Technologies, in a regulatory filing, said the consideration for acquisition of Gaming and Live IPs of OML would be paid in cash.

OML was incorporated on November 21, 2008. Its turnover in FY2020-21 was about Rs 27.85 crore (impacted by COVID) and about Rs 90.89 crore in FY 2019-20, it added.

Nair said the company believes in the convergence of different pop culture genres and has seen that this has already happened across several platforms and IPs.

"It makes a lot of sense to consolidate the strengths that OML Entertainment and NODWIN Gaming have in the live IPs and gaming spaces.

"Over the past years, our experience working with NODWIN Gaming has been very fruitful and we are confident that our live IPs and the teams that execute them have found a good home at NODWIN Gaming," he added.

He said OML Entertainment will continue to focus on building its OTT content production, talent management and branded content businesses.

This business had clocked revenues of Rs 170 crore in FY2020, and works with over 700 creators across the world. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)