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Businesses

Faze Clan Acquired for $17 Million, One Year After Its $725 Million SPAC (theverge.com) 24

Posted by msmash from the how-about-that dept.
Gaming analytics and esports brand company Gamesquare, which counts Dallas Cowboys owner Jerry Jones as one of its investors, is acquiring the struggling gaming influencer group Faze Clan. From a report: The all-stock deal is worth about $17 million, Bloomberg reports, a steep drop-off from Faze's $725-million valuation at the time of its special purpose acquisition company, SPAC, merger in July of 2022. Since the SPAC made it publicly traded on the Nasdaq exchange, Faze Clan, like much of the esports industry, has struggled, with the company posting a $28.4-million loss "through the first half of 2023," according to Bloomberg. Last month, Faze Clan's troubles reached an inflection point that led to the firing of CEO Lee Trink, who once compared the company to the rise of hip-hop during an interview on The Vergecast.
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Faze Clan Acquired for $17 Million, One Year After Its $725 Million SPAC More

Faze Clan Acquired for $17 Million, One Year After Its $725 Million SPAC

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  • Personally I'd pay money to keep a bunch of macho, immoral, toxic, arrogant, entitled rich California douchebags the hell away from me and my portfolio and that goes double if they just drove their company's price into the ground because of mountains of controversies and generally having a crap business model. Have fun babysitting those wonderful, fantastic e-ports and streaming "celebs," whoever bought them.

  • esports = ezero (Score:3)

    by ole_timer ( 4293573 ) on Friday October 20, 2023 @02:25PM (#63940031)
    never understood how gaming could be translated into esports - couch potato = sports?

    • What do people like about watching any sport?

      Competition
      Skill
      Excitement

      You may not appreciate those thing in gaming but you can't just say they don't exist in competitive gaming. Dart's and snooker are popular to watch in the UK. The world outside the US love's cricket, I don't get it at all but I am not about to sit here and claim it doesn't count as a sport based on my personal feelings.

      • Re:esports = ezero (Score:5, Funny)

        by Pascoea ( 968200 ) on Friday October 20, 2023 @03:29PM (#63940229)
        Reminds me of the time I was giving my kid a ration of shit for wasting their time watching an Overwatch match (or something similar. Idk. I'm old.) and she comes back with "well, you sit there and watch baseball, don't you?" Good point kid, good point.

      • What do people like about watching any sport?

        Competition
        Skill
        Excitement

        You may not appreciate those thing in gaming but you can't just say they don't exist in competitive gaming. Dart's and snooker are popular to watch in the UK. The world outside the US love's cricket, I don't get it at all but I am not about to sit here and claim it doesn't count as a sport based on my personal feelings.

        You can call it a sport, rock, paper, scissors can be a sport, but high level play is indistinguishable from watching bots, and the "skill" is pressing buttons quickly.

        It doesn't take much mental effort to figure out esports aren't watched because of the skill or competition on display. Look at the audience. It's the same demographic that would rather watch a street takeover than nascar. Being indistinguishable from bots is basically the same thing that makes MLB and NASCAR boring, esports is popular becaus

        • You can call it a sport, rock, paper, scissors can be a sport, but high level play is indistinguishable from watching bots, and the "skill" is pressing buttons quickly.

          Sure, you are free to try and get into a match with a top level Counterstrike player, or grandmaster Starcraft2 player, or LCS finalist League of Legends player and see how much your "pressing buttons quickly" strategy prevails. Are we really still doing the "do videogames require skill" thing in this century?

          Is billiards a sport? Bowling? Chess? At this point we are in a semantics argument over the word sports and really, who gives a shit?

          It doesn't take much mental effort to figure out esports aren't watched because of the skill or competition on display. Look at the audience. It's the same demographic that would rather watch a street takeover than nascar. Being indistinguishable from bots is basically the same thing that makes MLB and NASCAR boring, esports is popular because greasy teenagers are distracted by flashing lights. Look at all the other garbage the same demographic spends leisure time on. We don't need to pretend gaming is a sport to justify why teenagers watch it. They'll watch anything with action.

          “I used to be with ‘it’, but then they changed w

    • Re: (Score:3)

      by tlhIngan ( 30335 )

      never understood how gaming could be translated into esports - couch potato = sports?

      Turns out you actually have to be pretty fit to actually be good at esports. Sure there's not much in terms of "athletic" ability - you're not being tested on how long you can run or something, but there's a lot of body motions that require fast reactions. And that requires mental sharpness.

      So couch potatoes are out - a sharp mind is not powered by junk food - the best esports teams eat really healthy with controlled meat p

    • never understood how gaming could be translated into esports - couch potato = sports?

      There are a lot of things classified as "sports" now. I believe the definition expanded when we found out concussions was an underlying 'sport' we needed to start addressing. (Oddly enough, the audience responded with...chess boxing. Looking forward to YogaMMA and Punchout Pilates.)

      Oh, and how's the couch potato a takeaway? An armchair doesn't make an NFL quarterback, but watching that crazy fat guy go nuts every Sunday in front of the TV was usually quite entertaining. There's value in potatoes. Frie

  • Bullshit business is bullshit...

    • Thank you. Was wondering the same thing. Who are these people supposed to be "influencing"? Idiots?

      • Re: (Score:2)

        by gweihir ( 88907 )

        Well, if they were targeting idiots, they would at least have a seizable target group. But they failed, so it must be much worse.

      • Indeed. But, here's evidence (from the article) that they really have a plan to turn things around::

        Faze Clan leadership is reverting back to its original founders, including Richard “Faze Banks” Bengtson, who will serve as CEO, Thomas “Faze Temperrr” Oliveira, taking place as president, and Yousef “Faze Apex” Abdelfattah, who takes over as COO.

        Do you see the inherent brilliance of carrying the corporate branding into the C-level management? Their level of insight is j

      • Are there any people besides idiots that can be influenced by influenzas?

  • By $17 million.

  • Wealth redistribution working as it should.

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