X1 Entertainment Group Inc. (CSE:XONE, OTC:XOEEF) has said it is ceasing the operations of Rix.GG Europe Ltd, which holds and operates its eSports franchise.
The company said it will focus on its additional assets, being Shift Media, a media service that reports on Rocket League, and Tyrus LLC, a talent management company which represents various clients, including those in the eSports industry.
As such, the company added, it will remain active in the eSports industry with a strategic focus on the commercialization of Shift Media, and the continued growth of Tyrus, however, it will no longer be in the business of competitive playing of video games by teams for cash prizes.
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RixGG currently has one team competing in League of Legends: Wild Rift. RixGG will no longer compete in Wild Rift effective March 9, 2022, as a result of Riot Games' recent announcement that it will discontinue support for Wild Rift eSports operations outside of Asia, X1 Entertainment noted.
RixGG previously held other eSports teams, including Lightning, a female and marginalized-gender Valorant team competing in Game Changers, which departed the franchise effective November 16, 2022, and Static, an amateur Valorant team, in addition to other historical teams as previously disclosed in the company's long-form prospectus dated May 19, 2022.
X1 Entertainment is a gaming and entertainment company that helps connect brands with Generation Z and millennial audiences all over the world through a diverse portfolio of assets.
The company's assets are in three main verticals: media and network, creator economy, and gaming and eSports. The group is continuing to build upon its existing portfolio of assets through a combination of organic growth and accretive mergers and acquisitions.
Contact the author at jon.hopkins@proactiveinvestors.com