- A $35 million investment round led by E.W. Scripps will boost Misfits Gaming Group
- Scripps will invest in the esports company $10 million to increase the content distribution around the US
- The company is thrilled to partner with Misfits Gaming Group
In a new investment round, Misfits Gaming Group will receive $10 million from E.W. Scripps. The overall investment is with a price tag of $35 million and will aim at boosting MGG’s content distribution around the US.
MGG Announces an Investment Round Led by E.W.Scripps
Misfits Gaming Group (MGG) announced on Wednesday this week a $35 million investment round which is led by The E.W. Scripps. Under the investment round, the global esports and entertainment company will receive $10 million from Scripps. Additionally, as a part of the investment, a member of Scripps will be appointed to Misfits' board of directors.
The agreement will see Scripps use its linear and over-the-top TV platforms in Florida and the US to boost the distribution of MGG content. The recent collaboration will also ease the access of Florida advertisers to MGG's continuously growing esports and gaming audiences.
Additionally, MGG plans to “create the largest organization of esports and gaming ventures globally.” Besides distributing in-game content, currently, MGG creates original content for all gaming audiences. With the help of social media, online and live events, the organization connects millions of fans on a global scale.
Besides having a full-service in-house media team, MGG also has a network of content creators, as well as competitive gamers. The company has three esports teams participating in the Overwatch League, the Call of Duty League and League of Legends. Although MGG is already a global esports and entertainment leader, the company plans to continue growing within the esports landscape. In fact, considering that the esports industry is expected to exceed 600 million viewers by 2024, MGG is undoubtedly planned its expansion well.
Management of the Two Companies Share Their Excitement
MGG's CEO and co-founder, Ben Spoont, shared his excitement about the funding round by saying that the company is fortunate to have as a “progressive-minded partner” as Scripps. Additionally, he acknowledged that Scripps can see the bigger picture of the future. Spoont stressed that MGG is excited as the company is on its way to engage with fans from Gen Z to Millennial (age 12 to 35).
“This is just the beginning of esports’ impact. We expect to be key players in the rapidly changing media landscape.” Ben Spoont, CEO and co-founder at Misfits Gaming Group
Adam Symson, president and CEO at Scripps outlined that the investment complements the company's strategies for “responding quickly to new consumer behaviors and new ways of helping businesses reach their customers.” He did not miss saying that the latest deal with MGG reaffirms that the company is focused on capturing new opportunities within the entertainment and market landscape.
Scripps' local media president, Brian Lawlor, added that the company is thrilled to partner with Misfits Gaming Group. He stressed that Scripps is perfectly positioned within Florida and will be able to leverage its distribution channels to “carry all kinds of Misfits Gaming content.”