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OverActive Media

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OverActive Media
FormerlyThe Ledger Group
TSX-V: OAM
Founded2018
Key people
Adam Adamou (CEO)
RevenueIncrease CA$15.7 million (2023)
Increase −CA$12.5 million (2023)
Total assetsDecrease CA$69.4 million (2023)
Total equityDecrease CA$35.3 million (2023)
Subsidiaries
WebsiteOfficial website
Footnotes / references
[1]

OverActive Media (OAM), previously known as The Ledger Group, is a esports and entertainment company that fields teams across multiple esports titles through its subsidiaries, including the Overwatch League and Call of Duty League. They also own esports organization MAD Lions, KOI, and Movistar Riders that compete in League of Legends as part of the League of Legends European Championship and Valorant in the Valorant Champions Tour EMEA.

History

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OverActive Media's was originally branded as The Ledger Group, a Toronto-based group focused on blockchain-enabled companies.[2] In April 2018, the company announced that it would look to expand in esports franchises. The Ledger Group went on to make investments in Askott Entertainment and Enthusiast Gaming, and after a $1.5 million investment in Splyce, they shifted from an investment platform to an ownership platform and rebranded to OverActive Media.[3][4] In 2018, OAM and Splyce agreed to purchase a team, later branded as the Toronto Defiant, in the Overwatch League for the league's upcoming 2019 season.[2] On November 21, 2018, OAM announced that it entered an agreement in principle to acquire Splyce.[5] In 2019, OAM purchased a franchise spot in Activision-Blizzard's Call of Duty League, establishing Toronto Ultra.[2]

In July 2020, ESPN reported that OverActive Media would be building a 7,000- to 10,000-seat esports arena at Exhibition Place in Toronto to serve as the home arena to the Toronto Defiant and Toronto Ultra.[2] The report was confirmed in February 2021, as OverActive Media announced the venue. The $500 million project is expected to be the home arena for their esports teams, as well as host mid-sized music concerts and other events.[6] OAM was given full approval by the Toronto City Council as of December 16, 2021. The arena was expected to break ground in 2022 and was expected to be completed in 2025, but complications regarding the Overwatch League's decline means that the status of the arena is unknown.[7]

On November 8, 2023, OverActive Media announced that they had pulled the Toronto Defiant out of the Overwatch League, receiving CA$8.2 million (US$6 million) as part of an updated agreement from Activision-Blizzard.[8] Shortly after OAM's announcement, an OWL spokesperson confirmed that Activision-Blizzard would be transitioning Overwatch esports away from the OWL's franchise system and into a new ecosystem as the result of two-thirds of the organizations (including OAM) voting to leave, also part of the agreement.[9]

On January 4, 2024, OverActive Media executed a letter of intent to acquire Spanish esports organizations Movistar Riders and KOI. The assets to be acquired include all of KOI's esports assets and brands, including social media and intellectual property, and intends to unite the organizations under a single brand by the end of 2024. The deal also involves Movistar Riders' Founder Fernando Piquer and CEO Carlos Garcia-Acevedo taking on key roles within OverActive Media, and entering into service agreements with KOI co-founders Ibai Llanos and Gerard Piqué. Upon the completion of the proposed acquisition, OverActive Media would have control over the following assets: Toronto Ultra, Toronto Defiant, MAD Lions KOI, and Movistar KOI. Once completed, the acquisitions are expected to add CA$10 to $12 million in revenues in 2024.[10][11]

References

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  1. ^ "OverActive Media Consolidated Financial Statements" (PDF). OverActive Media. April 29, 2024. Retrieved May 2, 2024.
  2. ^ a b c d Wolf, Jacob (July 14, 2020). "Defiant, Ultra owners to build esports arena in Toronto". ESPN. Retrieved March 15, 2022.
  3. ^ Mitrevski, Lydia (April 25, 2019). "Splyce gains $1.5m investment from The Ledger Group". Esports Insider. Retrieved October 25, 2019.
  4. ^ Ashton, Graham (April 25, 2018). "The Ledger Group to Invest $1.5M in Splyce". The Esports Observer. Sports Business Journal. Retrieved October 25, 2019.
  5. ^ Hayward, Andrew (November 21, 2018). "Update: OverActive Media Group Fully Acquires Splyce". The Esports Observer. Sports Business Journal. Retrieved October 25, 2019.
  6. ^ Stern, Adam (April 7, 2021). "Overholt Says Vision for OverActive Media Group is Becoming Reality". The Esports Observer. Sports Business Journal. Retrieved March 15, 2022.
  7. ^ Czar, Michael (December 18, 2021). "OverActive Media talk about new forward-thinking Toronto esports venue". Upcomer. Retrieved March 15, 2022.
  8. ^ "OverActive Media Confirms Exit from the Overwatch League, Bolsters Balance Sheet by $16 Million CAD". OverActive Media. Retrieved 7 January 2024.
  9. ^ Fudge, James (November 8, 2023). "Teams Vote to Exit Overwatch League". The Esports Advocate. Retrieved November 8, 2023.
  10. ^ Cater, Charlie (January 4, 2024). "OverActive Media Set to Acquire KOI & Movistar Riders". Esports Illustrated. Retrieved January 14, 2024.
  11. ^ Nicholson, Jonno (January 4, 2024). "OverActive Media looks to acquire KOI, Movistar Riders". Esports Insider. Retrieved January 14, 2024.
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