After a two-year hiatus, iRacing will reintroduce the digital edition of the Indianapolis 500. The Chelmsford, MA-based sim racing platform iRacing.com Motorsport Simulations signed a multi-year licensing agreement with IndyCar to reunite the two motorsport brands. Financial details of the deal were not disclosed. The centerpiece of this renewed partnership is the much-anticipated return of the iRacing Indianapolis 500. Known as the virtual counterpart of the legendary 200-lap race at the Indianapolis Motor Speedway, it has historically attracted thousands of...

OverActive Media Corp. (TSXV: OAM), headquartered in Toronto, has entered into a non-binding letter of intent to acquire Spanish esports entities KOI and Movistar Riders. In case of a successful closing, the all-share purchase price for KOI (Goatch S.L.) and Movistar Riders (Team Randomk Esports S.L.) will be up to $5.7M CAD ($4.27M USD) each based on Overactive Media’s closing share price of $0.19 ($0.14) on January 3, 2024. The financial framework of this deal is built around an all-share...

Stockholm, Sweden-based esports and gaming company Stryda (a subsidiary of G-Loot Global Esports AB) filed for insolvency (bankruptcy) with the Swedish Companies Registration Office on Dec. 15. The bankruptcy—at least on its face and not looking into the company’s financials since its launch—seems surprising given how much money it has raised since 2016 and according to its interim Q3 2023 financial report, which noted that it had approximately SEK 23.03M ($2.3M USD) in cash on hand at the end of...

Berlin-based full-service gaming and esports marketing agency Freaks 4U Gaming announced Friday that it will transition the license to the Northern League of Legends Championship (NLC) to Denmark-based esports platform and organizer Leagues.gg—pending Riot Games approval—at the beginning of 2024. In a statement released Friday, Freaks 4U noted that Leagues.gg had already been in operational control of the league during the 2023 season, but with this agreement, it will take over the full responsibility of the license. In addition to...

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...