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OverActive Media Confirms Exit from the Overwatch League, Bolsters Balance Sheet by $16 Million CAD
OverActive Media Confirms Exit from the Overwatch League, Bolsters Balance Sheet by $16 Million C...
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[{"type":"text","content":"\n \n \n \n OverActive Media Confirms Exit from the Overwatch League, Bolsters Balance Sheet by $16 Million CAD\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Company Set for New Chapter with Strengthened Financial Position and Continued Commitment to Esports\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Nov. 8, 2023\n \n \n /CNW/ - OverActive Media (TSXV: OAM) (OTCQB: OAMCF) (\"OverActive\" or the \"Company\"), a leading sports, media, and entertainment company for today's generation of fans, today announced that it has entered into a final agreement with Activision Blizzard regarding the previously announced termination of its Team Participation Agreement in the Overwatch League. The agreement allows OverActive to exit its commitments in the Overwatch League and provides it with strengthened financial stability. Unless otherwise specified, all amounts are in Canadian dollars ($).\n \n \n Under the terms of the agreement, OverActive will receive a termination payment of\n \n $8.26 million\n \n (\n \n USD 6 million\n \n ) from Activision Blizzard. This payment will be net of approximately\n \n $916,000\n \n \n (USD 666,000)\n \n for payments paid in advance by the League to Toronto Defiant (for a total payment of\n \n $7.10 million\n \n (\n \n USD 5.34M\n \n )) and will bolster OverActive's cash position to over\n \n $15 million\n \n . This development comes as OverActive continues to realign its strategic focus and prepare for the new era of Overwatch esports in 2024 and beyond.\n \n \n \"This strategic restructuring of our league assets marks a new chapter for OverActive,\" said\n \n Adam Adamou\n \n , Co-Founder and Interim CEO, OverActive Media. \"We extend our deepest thanks to the Overwatch League, its fans, and the community for their unwavering support. Toronto Defiant has proudly competed under the League's banner, and we've built incredible memories together. As we transition into the next phase of Overwatch esports, we look forward to the opportunities that lie ahead.\"\n \n \n Continu...