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Breaking: Versant is buying golf simulator company Full Swing for $530 million cash, from Bruin Capital. Here's the thing though. Bruin bought this same company for $160 million back in 2021, at the peak of the COVID at-home fitness boom. The pitch back then was literally "this is going to be the next Peloton." We all know how that turned out. Now Versant is paying over 3x that price, five years later, for a business whose growth rate they haven't disclosed. Stock's down about 1% to ~$37 on the news. This is a small tuck-in buried in the golf segment, which happens to be the one vertical where Versant has been vague on KPIs. Feels less like a strategic platform and more like a way to add revenue without adding clarity. Bottom line: I still don't see a real plan to replace the earnings being lost from declining cable networks. What I see is financial engineering and M&A standing in for strategy. $VSNT $PTON