It has been announced that GameSquare will move to acquire FaZe clan in an all-stock transaction, securing full ownership of the instantly recognisable organisation by the end of 2023. At the time of the announcement, FaZe Clan was valued at just $16 million on the NASDAQ stock exchange, which is a monumental come down from the lofty heights the organisation enjoyed last year when it floated on the market.
In the words of GameSquare, the mission is to now create ‘a leading content, media, and entertainment company.’ In case you hadn’t heard, FaZe Clan became a ‘lifestyle brand’ years ago, expanding beyond the confines of the esports industry to reach new markets and avenues of revenue. However, thanks to some internal controversies, a string of poor performances from the organisation’s esports teams, and constant infighting within the firm, that brand started crumbling some time ago.
The OGs are Back
Image Credit: FaZe Clan
For the longest time, followers of FaZe Clan demanded that the ‘OGs’ be put back in charge of the firm. There were claims that it had become far too corporate, leaving behind everything that made FaZe… Well, FaZe. It can be argued that FaZe is the most recognisable brand in gaming today and that all began more than a decade ago. Those original creators were almost pushed to the sidelines over the last few years, but now things are changing for the better – everyone hopes, anyway.
It was just weeks ago that the firm’s CEO stepped down, and now, another monumental change has taken place within the organisation.
Following the acquisition, there will be a shake-up amongst the leadership team, with the founders of FaZe Clan being reintroduced to ‘lead the brand and reestablish authenticity’. This means that the following positions will be filled:
Richard ‘Bank’ Bengston will become the CEO
Thomas ‘Temperrr’ Oliveira will become the President
Yousef ‘Apex’ Abdelfattah will become the COO
Related: FaZe Faces Financial Fears in 2023
Is This a Return to Form?
There are mixed expectations following the breaking of this news. For some, this is the best thing that could have ever happened to FaZe Clan, but some argue that it’s too little, too late. Enough damage has been done by the countless scandals that have surfaced in recent years that even an enormous move like this isn’t enough to save FaZe Clan.
That’s not the sentiment portrayed by the OGs, though. In a statement, FaZe Banks, the new CEO of FaZe Clan, said:
‘I’m confident that with Tommy, Apex and me back in charge of the brand, FaZe Clan will get back to where it was in its peak years. We grew up on the internet and understand this brand better than anyone ever could. We are grateful to have found a partner in GameSquare who sees that value in us and can help execute our vision. We’re going to produce first, talk later.’
When the deal has been closed, GameSquare x FaZe Clan will boast more than ‘1 billion combined social media followers’ and will own one of the biggest and most-followed creator networks in the world. It will unite a staggering portfolio of sponsors and brand partners, and it’ll allow FaZe Clan’s OGs to take advantage of a ‘powerful, award-winning infrastructure’.
We’ll have to see what the future holds for FaZe Clan.
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