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Volume 26 No. 65

Esports

Esports organization 100 Thieves, co-owned by rapper Drake, is looking to raise a "fresh round of money that could allow it to win a slot in an up-and-coming Activision Blizzard video game league," according to Josh Kosman of the N.Y. POST. A source said that 100 Thieves, which competes in games like Fortnite and Call of Duty, is seeking as much as $25M from "potential investors in a round of funding that could give" the team a valuation of roughly $150M. Other 100 Thieves investors include Cavaliers Owner Dan Gilbert, entertainment mogul Scooter Braun and Salesforce Chair & co-CEO Marc Benioff. Besides competitive gaming, 100 Thieves "sells apparel, and in June, will be launching its own streaming shows." Sources said that the new funds will go toward the team’s operations, "likely including" a roughly $25M fee to "participate in a new Call of Duty esports league formed by the video game’s publisher, Activision Blizzard." If 100 Thieves joins the Call of Duty league, it would become the official L.A. team, allowing it to "start selling tickets to competitions at L.A.-area arenas" (N.Y. POST, 5/31).

For more coverage of the business of esports, visit our partners, esportsobserver.com.