Business
GameSquare Enters into a Definitive Agreement to Sell Its Non-Core Radio Business Assets
Transaction Supports Focus on Marketing Technology CapabilitiesFRISCO, TX / ACCESSWIRE / November 10, 2023 / GameSquare Holdings, Inc. ("GameSquare")
About this update from Gamesquare Holdings, Inc.
[{"type":"text","content":"Transaction Supports Focus on Marketing Technology CapabilitiesFRISCO, TX / ACCESSWIRE / November 10, 2023 / GameSquare Holdings, Inc. (\"GameSquare\") (NASDAQ:GAME)(TSXV:GAME), announces that on November 9, 2023 GameSquare and its Frankly Media LLC subsidiary (\"Frankly\") entered into a definitive agreement with SoCast, Inc. (\"SoCast\") for SoCast's acquisition of Frankly's radio business assets. Frankly provides an online content management platform and related content services for approximately 700+ radio stations. In exchange for the Frankly technology platform and customer accounts, SoCast has agreed to pay Frankly US$4 million, which includes US$3 million upon closing of the transaction and up to an additional US$1 million based on future revenue derived from the radio assets. The transaction is expected to close by the end of November 2023.\"We are focused on enhancing our cost structure, and streamlining our business to support our core marketing, gaming, creative, and technology solutions and capabilities, as we continue to successfully integrate the April 2023 Engine Gaming acquisition and optimize our modern marketing technology platform,\" noted Lou Schwartz, GameSquare's President. \"This transaction demonstrates our success accessing capital through non-dilutive sources, while also providing additional revenue opportunities to support SoCast's business with the other products and services we offer,\" Mr. Schwartz added.\"We're excited to welcome these radio broadcasters and their teams to the SoCast family. We're confident they'll love the experience of a digital first, radio specific partner to grow revenue and engagement as they transform into digital businesses,\" stated Elliott Hurst, CEO of SoCast.INFOR Financial Inc. acted as the exclusive financial advisor to SoCast in connection with the transaction.About GameSquare Holdings, Inc.GameSquare Holdings, Inc. (NASDAQ: GAME | TSXV: GAME) is a vertically integrated, digital media, entertainment and technology company that connects global brands with gaming and youth culture audiences. GameSquare's end-to-end platform includes GCN, a digital media company focused on gaming and esports audiences, Cut+Sew (Zoned), a gaming and lifestyle marketing agency, Code Red Esports Ltd., a UK based esports talent agency, Complexity Gaming, a leading esports organization, Fou...