BOCA RATON, Fla.—Misfits Gaming Group has announced a $35 million investment round led by The E.W. Scripps Company. As part of the investment, Scripps also will appoint a designee to Misfits’ board of directors.
In making the MGG investment, Scripps is hoping to tap into the growing interest in video gaming as a spectator sport. The esports industry is expected to reach over 600 million viewers by 2024, Scripps said.
Scripps will invest $10 million into MGG’s global esports organization, which includes its two Florida esports franchises. As part of the investment, Scripps has the right to distribute MGG’s content through its linear and over-the-top television platforms in Florida and across the U.S. The partnership between Scripps and MGG also will increase Florida advertisers’ access to MGG’s large and growing young esports and gaming audiences, Scripps said.
MGG owns three esports teams participating in franchised leagues, a network of content creators and competitive gamers and a full-service in-house media team.
In making the MGG investment, Scripps is hoping to tap into the growing interest in video gaming as a spectator sport. The esports industry is expected to reach over 600 million viewers by 2024, Scripps said.
“Scripps is thrilled to partner with Misfits Gaming Group to help build energy and interest around these highly skilled and high energy video-game competitions,” said Scripps Local Media president Brian Lawlor. “We are perfectly positioned, with our large Florida footprint, to leverage our linear stream and over-the-top distribution to carry all kinds of Misfits Gaming content, from player profiles and interviews to team and league news – all aimed at connecting our advertisers with their young audiences.”
“We are fortunate to have a progressive-minded partner in Scripps that sees a big-picture landscape for the future and is as excited as we are to capture the hearts and minds of Gen Z and Millennial audiences (ages 12 to 35),” added Ben Spoont, CEO and co-founder of Misfits Gaming Group. “There are opportunities through this partnership to develop broadcast and over-the-top programming for target audiences that are important to both of us on a nationwide level. This is just the beginning of esports’ impact. We expect to be key players in the rapidly changing media landscape.”
