Florida-based esports company Misfits Gaming Group (MGG) announced that it had secured $35 million in investment.
According to the release, the investment round was led by The E.W. Scripps Company. Also known as Scripps, the American broadcasting company invested $10 million into Misfits Gaming Group.
“Scripps is thrilled to partner with Misfits Gaming Group to help build energy and interest around these highly skilled and high energy video-game competitions, “commented Brian Lawlor, Scripps’ Local Media President. “We are perfectly positioned, with our large Florida footprint, to leverage our linear stream and over-the-top distribution to carry all kinds of Misfits Gaming content, from player profiles and interviews to team and league news — all aimed at connecting our advertisers with their young audiences.”
“We are fortunate to have a progressive-minded partner in Scripps that sees a big-picture landscape for the future and is as excited as we are to capture the hearts and minds of Gen Z and Millennial audiences,” said Ben Spoont, CEO and Co-founder of Misfits Gaming Group. “There are opportunities through this partnership to develop broadcast and over-the-top programming for target audiences that are important to both [us and Scripps] on a nationwide level. This is just the beginning of esports’ impact. We expect to be key players in the rapidly changing media landscape.”
The Group also has content creators and an in-house media team responsible for handling broadcasts as well as creating media content independent of the competitions and tournaments it participates in.
Adam Symson, CEO and President of E.W. Scripps Company, said this new investment aligns with the company’s strategies to meet the need for new consumer behaviors and find new avenues of helping businesses reach customers.
“Our partnership with Misfits Gaming Group is an extension of the path we’ve charted to capture emerging opportunities across the media and entertainment marketplace,” Symson said.
As part of the deal, Scripps will appoint a member to MGG’s board of directors.
Following the investment, Scripps has formed a strategic partnership with MGG, giving the broadcasting company exclusive rights to broadcast and distribute MGG’s content via its television platforms in Florida and across the US.
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