Subscribe
Be the first with the news that moves the market- Enthusiast Gaming (EGLX) has completed the acquisition of global gaming YouTube platform, Omnia Media, from Blue Ant Media Solutions
- The company has also closed the public offering of shares related to the acquisition, after raising C$17.25 million
- Through the acquisition, Enthusiast Gaming has formed the largest gaming media, esports, and entertainment platform in North America, by users
- The company paid $11 million in cash, a $5.75 million vendor-take-back note, and 18.25 million common shares for the acquisition
- Enthusiast Gaming (EGLX) is up 7.88 per cent and is currently trading at $1.78 per share
Enthusiast Gaming (EGLX) has completed the acquisition of global gaming YouTube platform, Omnia Media, from Blue Ant Media Solutions.
Based in Los Angeles, Omnia Media operates a multi-channel YouTube network which distributes original content. For viewers looking for videogame-related content, the platform is one of the most visited sites on YouTube.
Enthusiast Gaming acquired 100 per cent of issued and outstanding shares in Omnia from Blue Ant on August 30, 2020. The company paid consideration consisting of 18.25 million common shares in Enthusiast Gaming, C$11 million in cash, and a vendor-take-back note worth $5.75 million.
Through the acquisition, Enthusiast Gaming has formed the largest gaming media, esports, and entertainment platform in North America, by users.
The company has also closed the public offering of shares related to the acquisition, after raising $17.25 million. Under the offering, Enthusiast Gaming issued 11.5 million common shares at $1.50 each.
The proceeds of that offering were used to fund the cash consideration for the acquisition, and other related costs.
Enthusiast Gaming’s CEO, Adrian Montgomery, expressed his pride in both teams for closing the Omnia Media acquisition.
“Enthusiast is now positioned as the largest platform of gaming communities in North America, interacting with over 300 million highly engaged gamers, who consume over 4.2 billion pieces of content each and every month.
“Omnia accelerates the growth of every vertical of our business, and will be immediately accretive while unlocking new revenue streams.
“Enthusiast’s platform has quickly become one of the critical access points for brands and organisations that need to target the Gen Z and Millennial audience. The addition of Omnia’s 1,000 YouTube channels and 500 influencers brings some of the most valuable digital marketing inventory anywhere into the Enthusiast portfolio of assets.
“We are thrilled to welcome Omnia to the Enthusiast team, and we look forward to working together to continue executing on our growth plan,” he said.
Enthusiast Gaming (EGLX) is up 7.88 per cent and is trading at $1.78 per share at 1:50pm EDT.
