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The creator economy is going public.
FaZe Clan, the group of esports competitors and social media creators, will go public through a merger with a special purpose acquisition company (SPAC) called B. Riley Principal 150 Merger Corp.
The merger will provide an influx of cash to FaZe, which is led by CEO Lee Trink. The group will receive an estimated $291 million from the merger, which it will use “to fund organic and inorganic growth as the company expands its digitally native global multi-platform presence across content, gaming, entertainment, consumer products and the metaverse,” it says.
Once the merger is complete, the company will be called FaZe Holdings Inc. and will trade on the NASDAQ under the ticker FAZE.
FaZe Clan first became known as a competitive esports team (it now includes 10 teams) but has since become a significant player in the creator economy, with its members (including LeBron James’ son Bronny James) creating YouTube videos and TikToks, working on brand partnerships and launching merchandise.
The company is also in the midst of a Hollywood push, looking to expand its reach among traditional media platforms.
“In our short history, we have evolved from a disruptive content generator to one of the world’s most decorated and successful esports franchises, and now into one of the younger generations’ most recognized and followed brands globally,” Trink said in a statement. “We believe FaZe Clan is becoming the voice of youth culture, a brand that sits at the nexus of content, gaming, entertainment and lifestyle in the digital-native world. This transaction will provide us capital and access to the public markets, which will help us accelerate the expansion of our multi-platform and monetization strategy. We are so grateful to the millions of loyal fans who have helped us take FaZe Clan to the next level, without whom this would not have been possible.”
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