Kitchener, Ont.-based digital media firm Lazarus Agency Ltd. has signed a letter of intent to acquire Canadian sports media company Parleh Media Group for $5 million.

Toronto-based Parleh includes the Homestand Sports, The Parleh and Gaming News Canada media brands, as well as various sub-brands and media offerings. It delivers sports and betting content to millions of users in Canada and worldwide and produces shows such as The Homestand Show, The Parleh, Room 4-4-2 and Hoop Talks. Its partners include the likes of Hockey Canada, Caesars Entertainment, Indianapolis Motor Speedway (Indy 500) and The Tonight Show Starring Jimmy Fallon.

Contingent on conditions including the raising of $5 million in capital and all current Parleh employees, talent and management entering new agreements ahead of closing, Lazarus will acquire 100% of Parleh Media Group.

Lazarus said in a release that it aims to leverage Parleh’s strengths in sports media, betting and iGaming content to create a more comprehensive media platform. The acquisition will also include an in-house developed proprietary media storage and syndication content management system, known as Sanity, which distributes original Parleh-produced videos to media syndication partners for publication on websites like the Toronto Star, the National Post, the Globe and Mail, MSN and Sports Illustrated.

‘Perfect timing’ for an acquisition

Lazarus said it will provide 2021-founded Parleh with “a multi-year runway to fuel growth and media expansion.” The acquisition is part of Lazarus’ plan to enhance its digital, live, and event-based footprint and content strategy across North America and will allow the company to attract a wider range of partners and sponsors and explore ways to diversify revenue streams, added the release.

“We are thrilled to acquire Parleh, its assets, and, most importantly, collaborate with its people,” said Lazarus founder and CEO Charlie Watson. “This acquisition aligns perfectly with our strategic vision to broaden our content offerings and reach a wider audience. While Parleh boasts significant partnerships with the likes of Sports Interaction, BetMGM, FanDuel, Bet99 and NorthStar Bets, to name a few, their strong market presence in Canada and innovative approach will undoubtedly enhance our capabilities to drive significant revenue and build audiences across our new platform.”

Parleh founder Mark Silver said it was “the perfect timing” for the company to enter into a sale agreement.

“As we quickly approach the upcoming NFL, NHL and NBA seasons, and with the MLB playoffs right around the corner, today’s announcement puts us in the driver’s seat to attack new opportunities with our new and existing partners and create more value through our offerings,” added Silver. “Our shared vision and complementary strengths make us a formidable force delivering exceptional and engaging content to our audiences.”

The release added that all current content development, partner production and media will continue to operate as is through the capital raise. The NewCo will undertake a reorganization of its leadership structure, management and advisory team.