North American esports and gaming company Enthusiast Gaming (TSX: EGLX) announced financial results for the third quarter of 2023 that ended on Sept 9, recording a net loss of $59.1M CAD ($42.7M USD) during the three-month period, compared to $37.1M ($26.8M) loss in Q3 2022. Addressing the recent Q3 spikes in losses, Enthusiast Gaming noted in a release that Q3 2023 and Q3 2022 included a non-cash impairment expense of $51.7M ($37.4M) and $31.3M ($22.6M), respectively. At the end of...

London-based, publicly-traded esports organization Guild Esports (LSE: GILD; OTCQB: GULDF) announced Monday that it is in the process of bringing on a new – yet to be disclosed – largest shareholder as part of a £500K - £1M GBP deal. The strategic investor is described as"an international esports, content creation, and media brand."    As of Monday, the unnamed “brand” is supposed to have acquired a 13.84% stake in Guild Esports for £500K ($607.5K USD), surpassing Toro Consulting (6.5%) as...

FaZe Clan’s ungraceful fall from an aspiring billion-dollar company to a struggling penny stock facing a potential delisting from the Nasdaq is set to be halted. Pending shareholder and regulatory approvals, esports holding company GameSquare Holdings will acquire FaZe Clan. The planned acquisition of FaZe Clan was approved unanimously by the board of directors of both companies and is anticipated to be finalized in the fourth quarter of 2023. GameSquare Holdings – also a Nasdaq-traded company, which is backed by...

The wait is over. Microsoft completed its $68.7B USD acquisition of the video game holding company Activision Blizzard on Friday. The two companies initially signed an agreement and plan of merger on Jan. 18, 2022, however, clearing regulatory hurdles and market authorities’ scrutiny protracted the transaction process beyond the anticipated closing date of June 2023. The announcement of the deal being completed was made only a few hours after receiving the final approval from the Competition and Markets Authority (CMA),...

Publicly-traded Canadian esports and gaming company OverActive Media (TSXV: OAM, OTCQB: OAMCF) released its second quarter financial results for the period that ended on June 30.  During the second quarter, OverActive reported $3.9M CAD ($2.94M USD) in total revenues, a $1.5M CAD ($1.13M USD) or 65% improvement over Q2 2022. The increase in revenues was driven by the company’s team operations business, which grew by $1.6M CAD ($1.18M USD) year-over-year due to timing differences in the recognition of league share...

FaZe Clan CEO Lee Trink is trying to convince investors of better days ahead based on what he calls momentum in its esports business, working through a challenging environment, and showing strong cost discipline—meanwhile, the company’s revenues shrink and losses increase. A little over a year ago, the esports, gaming, and lifestyle organization FaZe Clan went public on the Nasdaq and received $57.8M USD in net proceeds in the process, at the end of the second quarter of 2023, a...

UK-based esports organization Semper Fortis eSports (AQSE:SEMP) has no plans to return to esports, according to news first reported by Esports Insider reporter Jake Nordland on Friday.  The company, which is publicly traded on the Aquis Stock Exchange, announced in May that it intends to invest in membership gambling platform operator GL Membership Limited (doing business as "Good Life+") through a £250K ($317K USD) convertible loan note investment (a convertible note is typically a short-term debt that is later converted...

While its acquisition by Microsoft has been pushed back, Activision Blizzard put another highly profitable quarter on the books. The American video game holding company published its financial earnings for the second quarter of 2023 on Wednesday morning. The company generated net revenues of $2.21B USD, up 34.8% from $1.64B in the same period of 2022. Activision Blizzard reports key performance indicators for its three business segments, Activision Publishing (console games), Blizzard Entertainment (PC games), and King (mobile games). Spread...

Dubai-based Riva Technology and Entertainment (RTE), a subsidiary of MSM Corporation International Limited (MSM), and esports organization Galaxy Racer (GXR) have signed what they call an "implementation agreement." This formal agreement outlines the steps to finalize their planned merger as part of which RTE will acquire all the remaining parts of GXR it doesn't already own. The deal is expected to close by the end of August depending on several closing conditions being met. The merged companies will be rebranded...

OverActive Media, a Canadian esports company listed on the TSXV, faced a challenging start to 2023. Despite the company’s esports assets continuing to deliver competitive successes and attracting new sponsors, the revenues and net loss for the first quarter of 2023 worsened on a year-over-year basis. Operational Highlights OverActive Media entered into the Valorant esports ecosystem, not only securing an NA Valorant Challengers League spot but also signed its first all-female esports team, MAD Lions Laurë, to compete in Valorant...