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Thursday, March 23, 2023

Faze Clan Announces They Are Going Public With $1 billion SPAC Deal

Faze Clan is on its way to becoming a public corporation. B is combining with the competitive esports group. Riley Principal 150 Merger Corp. has agreed to merge with Riley Principal 150 Merger Corp. in a $1 billion agreement (via Markets Insider). According to a statement on Faze Clan’s website, the company expects to receive up to $291 million as part of the agreement to help support its expansion.

Faze Clan is recognized for its Call of Duty, Counter-Strike: Global Offensive, Fortnite, PlayerUnknown’s Battlegrounds, and other competitive gaming teams. Last year, the business created Faze Studios with one of the producers of the Netflix original 13 Reasons Why, which has a social media viewership of almost 350 million people. Celebrities such as NBA player Ben Simmons, hip hop singer Offset, and prominent Twitch broadcaster NickMercs have all joined the club to boost its popularity.

Faze Clan will debut on the NASDAQ in 2022 with the ticker code FAZE, although others are doubtful of its success. Dot Esports reporter Jacob Wolf attacked Faze Clan’s $1 billion value, pointing out that Swift Media Entertainment, Team Solo Mid’s parent business, is worth less than half as much.

Faze Clan claims in its article that it intends to diversify its revenue streams beyond content development. As Wolf points out, this may necessitate Faze Clan acquiring hardware firms, software, or any other form of tech brand to diversify its portfolio. 100 Thieves, an esports organization, achieved exactly that earlier this month with the purchase of Higround, a gaming accessory firm that compliments the group’s expertise in garment design.

Cedric Blackwater
Cedric Blackwater
Cedric is a journalist with over a decade of experience reporting on local US news, and touching on many global topics. He is currently the lead writer for Bulletin News.

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