American media company Advance Publications completed its acquisition of esports business news and data outlet The Esports Observer, according to Trent Murray of TEO. Advance subsidiary American City Business Journals, publisher of SportsBusiness Journal, had previously acquired a minority stake in TEO. Financial terms of the deal were not disclosed.
“Since our original investment in The Esports Observer last year, TEO has been key to helping us and our audience gain a better understanding of the broader esports business,” said Whitney Shaw, CEO and co-founder of SportsBusiness Journal. “We see significant long-term potential in esports, and TEO helps us serve professionals in the business of esports, just as we’ve served traditional sports executives for more than 20 years.”
This is the second esports-related acquisition for Advance this month. The company also acquired a majority stake in gaming analytics firm Newzoo. The acquisition allows TEO to directly collaborate with Newzoo as well as Advance’s sports business events company, Leaders. “We have no doubt that this acquisition will lead to accelerated growth, faster global expansion and significant opportunities for collaboration,” TEO CEO Chris Hana said. “I look forward to working with this team going forward to take TEO to the next level" (TEO, 10/25).
