Misfits Gaming Group receive $35m investment led by broadcasting giants
North American esports parent company Misfits Gaming Group have received $35m in investment in a round led by legacy media group The E.W. Scripps Company.
Owners of Misfits Gaming, Call of Duty franchise Florida Mutineers, and Overwatch franchise Florida Mayhem, Misfits Gaming Group (MGG) will receive $10m directly from Scripps as part of the overall $35m funding round.
Scripps will appoint a member of their company to Misfits’ board of directors and work with the group’s brands to distribute content through their linear television platforms in Florida and across the United States. The goal is to “increase Florida advertisers’ access” to MGG’s esports and gaming audiences.
According to MGG, the funding will be used to work towards their goal of creating “the largest organization of esports and gaming ventures globally”. While they haven’t disclosed what exactly the $35m will be channeled towards, they have ongoing franchise fees to pay in Riot Games’ LEC and in Activision Blizzard’s Call of Duty League and Overwatch League.
The ownership group added to their portfolio in May 2021 when they launched The Misfits Agency, a media company crafted to help brands access audiences in gaming and esports.
Misfits Gaming Group expanded their partnership with NBA franchise teams Miami Heat and Orlando Magic in July 2020 with hopes to deepen commercial opportunities across the Florida-based properties.
“Scripps is thrilled to partner with Misfits Gaming Group to help build energy and interest around these highly-skilled and high energy video-game competitions,” said Scripps local media president Brian Lawlor.
“We are perfectly positioned, with our large Florida footprint, to leverage our linear stream and over-the-top distribution to carry all kinds of Misfits Gaming content, from player profiles and interviews to team and league news – all aimed at connecting our advertisers with their young audiences.”