After announcing their intentions to acquire the company last year, GameSquare has finally sealed the deal and now own Faze Clan.
FaZe Clan has a new owner and an uncertain future, as GameSquare announced they have acquired the company in a major deal that could rock esports as a whole. The company announced its intention to do so back in October 2023, and now, six months later, the deal is official. The finer details of the acquisition were not made public at the time of the announcement beyond the fact that they were gloating about all of their accolades from 2023 between both companies.
What this means for FaZe Clan in the future remains to be seen because no company makes a multi-million dollar acquisition without eventually issuing cutbacks and layoffs. Not to mention the fact that they really didn’t make any indication as to how it would affect the team’s esports ventures moving forward, which you would think would be the first thing they would assure fans and current roster members that the team wouldn’t just vanish from competition in any game. We have a couple of quotes from today’s announcement below.
On behalf of everyone at GameSquare and FaZe, we are thrilled to announce the successful culmination of our merger, marking a significant milestone in our journey to revolutionize the gaming and media landscape, stated Justin Kenna, CEO of GameSquare. This strategic alliance strengthens our position across global industries, amplifies our ability to connect brands with elusive and influential youth audiences, and unlocks even more opportunities to support our partners with cutting-edge technology. Together, we will seek to redefine the future of esports and gaming by leveraging our combined expertise to pursue opportunities for growth and innovation. Our commitment remains unwavering as we aim to lead the way in shaping the ever-evolving intersection of gaming, media, and brand engagement.
We are excited to complete the merger with GameSquare as together we have created a leading organization focused on gaming and youth culture, stated Paul Hamilton, Director of FaZe Clan. On behalf of everyone at FaZe, we are excited by the opportunities we are pursuing together to create value for our shareholders.
Mr. Kenna continued, The combination of GameSquare and FaZe strengthens our go-forward competitive advantage in a fluid advertising and esports market – especially as brands continue taking a more focused approach allocating ad dollars. Despite the short-term impact of these market trends on our results, we are confident that our purpose-built platform supports compelling growth opportunities in 2024 and beyond. In addition, we are committed to reducing costs, enhancing gross margin, and creating a profitable enterprise. We are excited by GameSquare’s trajectory. Our highly committed teams reflect a unique blend of young internet natives alongside seasoned business leaders that are committed to creating value for global gaming fans, youth audiences, and our brand partners. As a result, we expect 2024 will be a transformational year for GameSquare and our shareholders.
