Information reaching Kossyderrickent has it that FaZe Clan’s OG founders return to power after being acquired by Gamesquare after being sold for $17M.
FaZe Clan’s OG founders return to power after being acquired by Gamesquare.
– Banks to be CEO of FaZe Clan
– Temperrr as President
– Apex as COO
– “Founders are focused on refreshing the FaZe Clan brand, re-engaging with its core fanbase”
On October 20, GameSquare announced they had entered into a “definitive agreement” that will see the company acquire FaZe Clan in “an arm’s length all-stock transaction.”
FaZe Clan went public in 2022, but their short time on the Nasdaq was far from smooth sailing, eventually failing to maintain a share price above $1 – the requisite amount to remain listed on the exchange.
The gaming community represents one of the largest and most engaged segments of the attention economy,” GameSquare CEO Justin Kenna said in a statement. “The acquisition of one of the biggest names in gaming serves as a perfect illustration of how we have built a powerful infrastructure with expansive scale that we can use to leverage the full spectrum of resources within the GameSquare ecosystem. We are also thrilled to welcome back the founders of FaZe Clan and their fans, one of the most deeply engaged communities born on the internet.”
Bengtson commented, “I’m confident that with Tommy, Apex and me back in charge of the brand, FaZe Clan will get back to where it was in its peak years. We grew up on the internet and understand this brand better than anyone ever could. We are grateful to have found a partner in GameSquare who sees that value in us and can help execute our vision. We’re going to produce first, talk later.”
“Joining forces with GameSquare creates greater scale and exciting opportunities in the emerging market for gaming and youth culture,” stated Christoph Pachler, Interim CEO of FaZe Clan. “The strength of the FaZe brand and GameSquare’s infrastructure are a powerful combination that will enable FaZe shareholders to benefit from the combined company’s long-term value creation potential.”
FaZe Clan’s longtime CEO Lee Trink was relieved of his position in September, which was reportedly a component of the deal going through.
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