• Loading stock data...
Wednesday, January 22, 2025

Metaverse Builder Seals $470M Deal for Esports Organization

  • Infinite Reality has closed its deal to acquire ReKTGlobal, Inc. for $470 million.
  • The acquisition covers areas of business including social, gaming, and NFTs.
Team Rogue

Metaverse builder Infinite Reality has closed its deal to acquire esports and entertainment conglomerate ReKTGlobal, Inc. for $470 million, valuing the combined entity at $2.47 billion. 

The acquisition marks Infinite Reality’s first investment in competitive esports and allows the company to expand its reach in Web3 and the metaverse with ReKTGlobal’s community. 

ReKTGlobal has a number of investors and fans with sports-related backgrounds, including NBA center Rudy Gobert, NFL safety Landon Collins, and ATP player Taylor Fritz.

  • The acquisition covers areas of business including social, gaming, and NFTs.
  • It will also combine the offices of both companies. 

An acquisition wasn’t always the plan for ReKTGlobal. 

Earlier this year, the New York-based company was in talks to go public via a merger with Bull Horn Holdings Corp, a blank-check company backed by former NBA player Baron Davis.

Sales Decline 

The video game industry may have to reset itself, as game sales are expected to decline annually for the first time since 2015 due to a looming recession, per Ampere Analysis. 

The decline follows a boost in the market due to COVID-related restrictions and the release of new consoles from tech giants Microsoft and Sony in 2020. 

The global games and services market grew 26% from 2019 to 2021 and reached a record $191 billion. The market is expected to reach $188 billion in 2022, down 1.2% year-over-year.

However, the sector is projected to get back on track in 2023 with $195 billion in sales.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Metaverse Builder to Buy ReKTGlobal for $470M in Stock

Metaverse builder Infinite Reality has agreed to acquire esports and entertainment conglomerate ReKTGlobal, Inc. for $470 million in stock.

Featured Today

Amateurism Dilemma on Full Display at the College Football Playoff

The sport has never looked or operated more like a pro league.
January 19, 2025

Unrivaled’s Impeccable Timing Pressures WNBA to Give Players More

The league could “blow the lid off” the business of women’s sports.
Notre Dame Fighting Irish quarterback Riley Leonard and running back Jeremiah Love celebrate a touchdown during the first half of a game against the Indiana Hoosiers in the first round of the College Football Playoff.
January 17, 2025

Notre Dame Found a Title-Worthy NIL Formula. Now It Has to Pivot

Its title run was buoyed by a collective that no longer exists.
Jan 17, 2025; Miami, FL, USA; Dearica Hamby (5) of the Vinyl reaches for the ball as Azura Stevens (23) of the Rose follows on the play during the second half of the Unrivaled women’s professional 3v3 basketball league at Wayfair Arena.
January 17, 2025

Inside Unrivaled’s Explosive Opening Night

The 3-on-3 league went big for its season opener in Miami.
exclusive

Talor Gooch Using LIV Golf Fortune to Start Building Sports Empire

The golfer has made more than $43 million individually from LIV.
November 13, 2024

Why Liberty Media Spun Off Assets, Shook Up Leadership

Longtime CEO Greg Maffei is stepping down at the end of the year.
December 4, 2024

U.S. Firm Makes $310M Bet on Soccer by Forming Superagency

The U.S.-based investment company makes a significant play in international soccer.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
Oct 27, 2024; Seattle, Washington, USA; Buffalo Bills quarterback Josh Allen (17) passes against the Seattle Seahawks during the second quarter at Lumen Field.
October 30, 2024

Buffalo Bills in Talks to Sell Stake to PE Firm Arctos: Report

Arctos already has a slice of Paris Saint-Germain and the PGA Tour, among other assets.
Jul 7, 2021; Tampa, Florida, USA; Tampa Bay Lightning owner Jeff Vinik hoists the Stanley Cup after the Lightning defeated the Montreal Canadiens 1-0 in game five to win the 2021 Stanley Cup Final at Amalie Arena.
October 25, 2024

Lightning Sell at $1.8B Valuation, Nearly Double Prior NHL Record

The Lightning unveiled a multistep and multiyear sale process.
May 24, 2024; Minneapolis, Minnesota, USA; Dallas Mavericks owner Mark Cuban celebrates after defeating the Minnesota Timberwolves in game two of the western conference finals for the 2024 NBA playoffs at Target Center.
October 9, 2024

Why Mark Cuban Sold the Dallas Mavericks When He Did

Cuban sold his majority stake to the Adelson family in December 2023.
Young fans look over Michigan State sports equipment on display during the Spring Showcase on Saturday, April 20, 2024, at Spartan Stadium in East Lansing.
October 2, 2024

Private Equity Firms Buy Rival Hockey Brands CCM and Bauer

Both brands have been around for decades and changed ownership in the same week.