North American esports team FaZe Clan has been acquired by Texas-based esports company GameSquare Holdings for $16 million. FaZe Clan, which raised $40 million in venture capital and went public at a $725 million valuation last year, saw its stock drop from $24 to $0.20, resulting in a 98% decrease from its initial public offering. The acquisition comes after FaZe Clan's recent controversies and declining share price. GameSquare Holdings is set to take executive positions in FaZe Clan, and members Banks, Apex, and Temperrr will also assume executive roles. The deal is valued at about $17 million and includes the acquisition of FaZe Clan by GameSquare. Jerry Jones-backed GameSquare has purchased FaZe Clan, a move that highlights the growing influence of esports in the gaming industry.
Esports group Faze Clan bought by Jerry Jones-backed GameSquare https://t.co/83U5iPdviE https://t.co/CdZFjQaq42
FaZe Clan raised $40 million in venture capital and went public at a $725 million valuation last year. But the esports organization watched its stock drop from $24 to $0.20, and they are now being acquired for $16 million. That's a 98% drop from the IPO. https://t.co/KvbK24daso
Video-game-influencer company FaZe Holdings is being acquired by Texas-based esports company GameSquare Holdings, the companies said on Friday. https://t.co/HnmOcJv912
NEWS: Gamesquare is reportedly buying FaZe Clan for $16 million.
Burned by controversy and facing a collapsing share price, embattled North American esports team FaZe Clan has been acquired by GameSquare. https://t.co/Frsa4i5ApA
Exclusive: FaZe Clan is being acquired GameSquare in a deal worth about $17m. Members Banks, Apex and Temperrr will take executive positions. https://t.co/uIhxpQBdgo
ACRES NAMES WALL STREET GAMING INDUSTRY EXPERT, DAVID BAIN, CHIEF FINANCIAL OFFICER https://t.co/lBBgEVzQ4g
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