Richard ‚Faze Banks‘ Bengtson has acquired a 25.5% stake in content material creator-focused leisure firm Faze Media.
Bengtson, additionally its CEO, now owns 31% of the agency. Earlier majority proprietor GameSquare will nonetheless have a controlling curiosity within the firm, to make sure its „stability and continued development,“ the announcement mentioned.
Bengtson initially was behind esports outfit Faze Clan, which he co-founded again in 2010. The company was acquired by GameSquare in October 2023 for $18.5 million, a yr after going public with a $725 million valuation. The corporate had laid off 20% of its workers in February 2023.
The agency remained unbiased as a completely owned subsidiary of GameSquare, with Bengtson as its CEO. It launched Faze Media last month, with Bengtson overseeing the brand new operation. On the time, the model was 51% owned by GameSquare, and 49% by president and co-founder of DraftKings Matt Kalish, who invested $11 million.
Bengtson commented: „We have at all times believed within the immense potential of Faze Clan, and now, with the reins again in our arms, we’re extra dedicated than ever to taking it to new heights. This is not only a enterprise transfer – it is about reigniting the unique spark and driving ahead with the identical ardour and creativity that constructed Faze into a worldwide phenomenon.“
He added: „We’re so assured in Faze Clan’s potential that we’re placing our personal cash on the road and can proceed to construct with the assist of GameSquare and Kalish who share our imaginative and prescient for the longer term.“
GameSquare CEO Justin Kenna mentioned that the announcement was a „win-win“, including: „Since finishing the acquisition of Faze Clan in March 2024 our technique has been targeted on reigniting the Faze model by returning its founders in a significant approach. With the assist of Matt Kalish and his direct funding in Faze Media, we structured the brand new enterprise as a creator-led IP and media firm.
„As we speak’s announcement solidifies this method by empowering Faze Media’s creators with a big stake within the enterprise and aligning Faze’s founders within the success of the model.“