Source: Benzinga

Omnia Media: Enthusiast Gaming Closes Acquisition of Omnia Forming Largest Gaming Media, Esports and Entertainment Platform in North America

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/Combined Platform to reach 300 million gamers monthly generating more than 4.2 billion monthly viewsOver 500 gaming influencers with combined subscriber base of over 500 million on YouTube and TwitchPro forma 2019 revenue of ~$110 millionCombined company expected to immediately generate positive EBITDAAcquisition delivers on core strategic priorities of (1) owning more viewers, (2) creating more content, (3) driving subscriptions, (4) new revenue streams, and (5) improved analytics for targeted advertisingTORONTO, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Enthusiast Gaming Holdings Inc. ("Enthusiast Gaming" or the "Company") (TSX:EGLX)(OTCQB:ENGMF)(FSE: 2AV) is excited to announce that it has completed the previously announced acquisition (the "Acquisition") of Omnia Media, Inc. ("Omnia") from Blue Ant Media Solutions Inc. ("Blue Ant") and has closed the related public offering (the "Offering") of common shares in the capital of the Company ("Common Shares"), including the exercise of the over-allotment option in full, raising gross proceeds of C$17.25 million. Through the Acquisition, Enthusiast Gaming has created the largest gaming media, esports and entertainment platform in North America by users, with 300 million video game and esports fans monthly. Adrian Montgomery, CEO of Enthusiast Gaming commented, "I am extremely proud of both teams for closing this transformational acquisition of Omnia Media. Enthusiast is now positioned as the largest platform of gaming communities in North America, interacting with over 300 million highly engaged gamers who consume over 4.2 billion pieces of content each and every month. Omnia accelerates the growth of every vertical of our business and will be immediately accretive while unlocking new revenue streams. Enthusiast's platform has quickly become one of the critical access points for brands and organizations that need to target the Gen Z and Millennial audience. The addition of Omnia's 1,000 YouTube channels and 500 influencers brings some of the most valuable digital marketing inventory anywhere into the Enthusiast portfolio of assets. We are thrilled to welcome Omnia to the Enthusiast team, and we look forward to working together to continue executing on our growth plan."Based in Los Angeles, California, Omnia is a leading global gaming YouTube platform which creates, manages and operates a multi-channel YouTube network that distributes premium, original content. Its platform is one of the most highly visited on YouTube for video game related content. Omnia produces and programs over 30 weekly shows across AVOD (advertising-based video on demand) and OTT (over-the-top) channels and represents over 500 gaming influencers across YouTube and Twitch. Its distribution network reaches over 90 million unique viewers and boasts a significant U.S. market inventory of over 1,000 channels, over 500 million subscribers and over 3.2 billion monthly total video views.Acquisition DetailsThe Acquisition closed on August 30, 2020. Enthusiast Gaming acquired 100% of the issued and outstanding shares of Omnia from Blue Ant for consideration consisting of 18.25 million Common Shares (the "Share Consideration"), $11.0 million in cash (the "Cash Consideration"), subject to adjustments, and a vendor-take-back note ("VTB") with a face value of $5.75 million. All $ figures are in Canadian dollars unless noted otherwise.Enthusiast has appointed Robb Chase, chief financial officer of Blue Ant, to serve on its board of directors pursuant to a nomination rights agreement (the "Nomination Agreement") entered into in connection with the Acquisition. The Nomination Agreement entitles Blue Ant to nominate a director to the board of directors of Enthusiast Gaming until Blue Ant ceases to hold either (i) at least 75% of the Share Consideration or (ii) 10% of the issued and outstanding Common Shares.Robb Chase serves as the chief financial officer of Blue Ant Media, a global producer, television broadcaster and distributor headquartered in ...Full story available on Benzinga.com

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David Brown's photo - CEO of Omnia Media

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David Brown

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Omnia is a digital media platform that publishes content on weekly shows and esports. Read more