FaZe Clan has been acquired by Complexity owner GameSquare
Following internal and financial struggles, gaming and esports organization FaZe Clan has been officially acquired by GameSquare.
FaZe has officially become a subsidiary of GameSquare but will continue to operate independently, according to a press release from the company. Based on share prices, GamesIndustry.biz estimates that the transaction could be worth up to $18.5 million.
Richard "FaZe Banks" Bengtson, Thomas "FaZe Temperrr" Oliveira, and Yousef "FaZe Apex" Abdelfattah, some of the organization's "OG" members, will serve as CEO, President, and COO, respectively. Over the last few years, the company has experienced internal conflicts, with older members expressing dissatisfaction with its previous ownership. "I'm confident that with Tommy, Apex, and me back in charge of the brand, Faze Clan will get back to where it was in its peak years," Bengtson said. "We grew up on the internet and understand this brand better than anyone ever could. We are grateful to have found a partner in GameSquare who sees that value in us and can help execute our vision. We're going to produce first, talk later."
FaZe has had a difficult year since going public in July 2022 with a $725 million valuation following an SPAC merger. The company's stock price plummeted dramatically, resulting in layoffs, Snoop Dogg stepping down from its board of directors, and the company facing delisting from the NASDAQ. FaZe's closing share price yesterday was $0.18, valuing the company at around $15.8 million.
GameSquare also owns the esports organization Complexity, which is backed by Jerry Jones, the owner of the NFL team Dallas Cowboys, and has teams in Halo, Counter-Strike, Apex Legends, and other competitive titles.
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