OverActive Media make leadership changes in Europe
Toronto-based esports holding company OverActive Media has made changes to the leadership team that oversees its European operations.
The basics: Change is afoot in the OverActive Media camp.
- Jorge Schnura has stepped down from his position as Vice President of Strategy for Overactive Media in favor of starting his own company. He will remain with the company as an advisor.
- Ricardo Gómez-Acebo Botín has been promoted from the company's European Director of Business Operations and will now serve as its Head of European Business.
- Schnura co-founded MAD Lions, the Spanish esports team brand that OverActive Media acquired in May 2019. It utilizes the brand in Riot Games titles League of Legends and VALORANT.
Recommended reading → Major esports personnel changes in 2022
A wider lens: Europe isn't the company's primary market.
- While it's unclear why these personnel changes have been made, the company's public listing has revealed its loss-heavy financial performance.
- In 2021, OverActive Media generated $11.3M ($14.2M CAD) in total revenue and made a net loss of $15.4M ($19.4M CAD). In the first quarter of 2022, it posted a net loss of $3.6M ($4.6M CAD) with total revenue of ($2.1M CAD). Sponsorships are the main generator of revenue, holding deals with the likes of blockchain company Zilliqa and outerwear brand Nobis.
- The leadership changes affect OverActive Media's European business but most of its focus is on North America. It owns and operates franchises in Activision Blizzard's Call of Duty League and Overwatch League, respectively named Toronto Ultra and Toronto Defiant. It's also building a 7,000-seat esports venue in the same Canadian city.