OverActive Media, the Canadian esports company that owns Toronto Defiant (former Overwatch League team), Toronto Ultra (Call of Duty League team) and MAD Lions (European organisation), has entered a non-binding letter of intent to acquire two Spanish organisations, Movistar Riders and KOI. If the deal is successfully closed, the purchase price might exceed $8,500,000.
This case is interesting because, in the current esports winter landscape, where most esports stakeholders prefer to count every spent dollar and behave conservatively, OverActive Media decided to expand into the Spanish market. The company will be in seven games under different brand names (Toronto Ultra, Toronto Defiant, MAD Lions KOI, Movistar KOI, and Atlético de Madrid). In the third quarter of 2023, OverActive Media showed decent financial results, so their strategy is interesting and can't be called reckless. If successful, it may set a positive business example in the esports industry.