- X1 Esports and Entertainment (XONE) has signed an agreement to acquire Tyrus, LLC
- Tyrus Talent Services is a boutique talent management group for digital content creators
- Under the agreement, the company will acquire 100 per cent of the issued and outstanding membership interest of Tyrus
- X1 Esports and Entertainment is a video game and media portfolio company
- X1 Esports, and Entertainment Ltd. (XONE) remains unchanged, trading at C$0.36 per share at 1:45 pm ET
X1 Esports and Entertainment (XONE) has signed a definitive agreement to acquire Tyrus, LLC.
Tyrus Talent Services is a boutique talent management group for digital content creators. It works with creators in the gaming and lifestyle verticals, providing them with paid opportunities. It also offers more integrated services such as social media management, platform management, video editing, and short-form content editing.
Mark Elfenbein, CEO of X1, commented on the news.
“The Tyrus platform expertly bridges the gap between international brands and the gaming ecosystem. The addition of the company to our portfolio, will help to establish X1 as an advertising sales organization with access to some of the most sought-after content creators in the video games category.”
Since 2017, Tyrus has partnered with content creators providing comprehensive management of YouTube, TikTok, Twitch and other social media channels. It also provides consultation on personal brand growth strategies and partnership management.
As per the agreement, the company will acquire 100 per cent of Tyrus’s issued and outstanding membership interest. The total consideration is estimated to be approximately US$350,000.
The purchase price is payable in parts. US$150,000 will be paid in cash payments, due within 60 days of closing, and the issuance, of 555,555 fully-paid common shares in the capital of the company at $0.45 per common share. A bonus payment of US$100,000 may be payable if Tyrus reaches US$1,750,000 in its first full year of revenue, which may be settled in cash or common shares at the option of the company.
The common shares forming part of the purchase price will be subject to a statutory hold period and the applicable contractual resale restrictions.
X1 Esports and Entertainment Ltd. (XONE) remains unchanged, trading at C$0.36 per share at 1:45 pm ET.