X1 Esports and Entertainment Ltd. (CSE:XONE) has announced a definitive agreement to acquire Tyrus, LLC, an influencer management firm empowering gamers, content creators and influencers.
Tyrus Talent Services specializes in working with YouTube, TikTok and Twitch content creators, brand ambassadors and brands across social media channels. The goal of the acquisition is intended to expand X1 Esports’ reach into the Gen Z demographic and add additional revenue streams, the company said.
“The Tyrus platform expertly bridges the gap between international brands and the gaming ecosystem,” X1 CEO Mark Elfenbein said in a statement. “The addition of the company to our portfolio will help to establish X1 as an advertising sales organization with access to some of the most sought-after content creators in the video games category.”
READ: X1 Esports and Entertainment shares start trading on CSE under stock ticker symbol XONE
X1 will acquire Tyrus for total consideration of up to $350,000, including $150,000 in cash and 555,555 fully paid common shares. A bonus payment of US$100,000 may be payable if Tyrus achieves revenue of $1.75 million in its first full year.
“We’re excited to join the X1 family,” said Amanda Solomon, CEO of Tyrus. “Our main focus with Tyrus is to be an industry disrupter by offering white glove services to our talent and diverse and inclusive roster of highly talented influencers who are enabling global brands to access and engage motivated Gen Z audiences. I’m supremely confident that joining X1 will take us to the next level and help us become an increasingly dominant player in this space.”
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