Agreement Solidifies OverActive Media's
Position in Europe's Premier
Esports League
New Agreement Eliminates $2.0 million in Franchise Payables, and Opens New
Pathways for Growth and Engagement
TORONTO, Nov. 14,
2024 /CNW/ - OverActive Media (TSXV: OAM) (OTC:
OAMCF), a global esports and entertainment company for today's
generation of fans, is pleased to announce a new long-term
partnership agreement with Riot Games, securing OverActive's
continued participation in the League of Legends EMEA Championship
(LEC). Originally awarded an LEC franchise in 2018, this
partnership reinforces OverActive's commitment to one of the most
prestigious and competitive leagues in global esports.
Key Deal Highlights:
- Strengthened Market Position : The renewed
partnership with Riot Games solidifies OverActive Media's position
in the LEC, promoting further growth in its team and reinforcing
OverActive's influence in one of esports' elite leagues.
- New Revenue Streams: The agreement unlocks new revenue
streams, including expanded sponsorship opportunities, merchandise
sales, in-game purchases, and media rights. Additionally,
OverActive will gain access to Riot Games' global network of media
and sponsorship partners, enhancing revenue potential across
multiple international markets.
- Franchise Fee Reduction: As part of the
agreement, OverActive Media will see a reduction in franchise fees,
eliminating $2.0 million in fees
previously due in 2025. This provides OverActive with a stronger
financial footing while preserving the franchised league
structure.
"With this agreement, we have eliminated all future franchise
obligations from our balance sheet and we now own 100% of our
franchises without any associated liabilities," said Adam Adamou, CEO of OverActive Media. "This
long-term partnership with Riot Games reaffirms our commitment to
the League of Legends EMEA Championship and strengthens our
strategic position in esports. We are excited to deepen our
connection with fans and partners through our continued
participation in the LEC, as we focus on delivering sustainable,
long-term value for our shareholders."
ABOUT OVERACTIVE MEDIA
OverActive Media Corp. (TSXV: OAM) (OTC: OAMCF) is headquartered
in Toronto, Ontario, with
operations in Madrid, Spain and
Berlin, Germany, is a premier
global esports and entertainment company for today's generation of
fan. OverActive owns team franchises in professional esports
leagues, including the Call of Duty League, operating as the
Toronto Ultra, the League of Legends EMEA Championship (LEC),
operating as MAD Lions KOI, the VALORANT Champions League (VCT)
EMEA, operating as Movistar KOI and other professional esports
leagues and competitions.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMAITON
This press release contains statements which constitute
"forward-looking statements" and "forward-looking information"
within the meaning of applicable securities laws (collectively,
"forward-looking statements"), including statements regarding the
plans, intentions, beliefs and current expectations of OverActive
with respect to its partnership with Ecoembes and the anticipated
benefits of that partnership as well as future business activities
and operating performance. Forward-looking statements are often
identified by the words "may", "would", "could", "should", "will",
"intend", "plan", "anticipate", "believe", "estimate", "expect" or
similar expressions and includes information regarding the
anticipated financial and operating results of OverActive in the
future.
Investors are cautioned that forward-looking statements are not
based on historical facts but instead OverActive management's
expectations, estimates or projections concerning future results or
events based on the opinions, assumptions and estimates of
management considered reasonable at the date the statements are
made. Although OverActive believes that the expectations reflected
in such forward-looking statements are reasonable, such statements
involve risks and uncertainties, and undue reliance should not be
placed thereon, as unknown or unpredictable factors could have
material adverse effects on future results, performance or
achievements of the OverActive. Among the key factors that could
cause actual results to differ materially from those projected in
the forward-looking statements include the following: the potential
impact of OverActive's qualifying transaction on relationships,
including with regulatory bodies, employees, suppliers, customers
and competitors; changes in general economic, business and
political conditions, including changes in the financial markets;
changes in applicable laws and regulations both locally and in
foreign jurisdictions; compliance with extensive government
regulation; the risks and uncertainties associated with foreign
markets; the ability of the Company to continue to execute on its
existing partnerships and business strategy; the ability of the MAD
Lions and Call of Duty Leagues to maintain viewership; the
successful completion of the Company's new venue; and other risk
factors set out in OverActive's most recent annual information form
and its other filings with Canadian securities regulators, copies
of which may be found under OverActive's profile at
www.sedarplus.ca. These forward-looking statements may be affected
by risks and uncertainties in the business of OverActive and
general market conditions9.
Should one or more of these risks or uncertainties materialize,
or should assumptions underlying the forward-looking statements
prove incorrect, actual results may vary materially from those
described herein as intended, planned, anticipated, believed,
estimated or expected. Although OverActive has attempted to
identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended and
such changes could be material. OverActive does not intend and do
not assume any obligation, to update the forward-looking statements
except as otherwise required by applicable law.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Overactive Media Corp.