Florida-based esports organization Misfits Gaming Group has announced a $35 million round of funding led by the E.W. Scripps Company.
According to a release from MGG, Scripps will invest $10 million in the company, which includes its two Florida esports franchises -- Call of Duty franchise Florida Mutineers and Overwatch franchise Florida Mayhem -- as well as League of Legends franchise Misfits Gaming. The investment will allow Scripps to distribute MGG's content through its linear and over-the-top television platforms in Florida and through the U.S.
"We are fortunate to have a progressive-minded partner in Scripps that sees a big-picture landscape for the future and is as excited as we are to capture the hearts and minds of Gen Z and millennial audiences (ages 12 to 35)," said Ben Spoont, CEO and co-founder of MGG, in a statement. "There are opportunities through this partnership to develop broadcast and over-the-top programming for target audiences that are important to both of us on a nationwide level. This is just the beginning of esports' impact. We expect to be key players in the rapidly changing media landscape."
As part of its investment, Scripps also will appoint a designee to MGG's board of directors.
"Our partnership with Misfits Gaming Group is an extension of the path we've charted to capture emerging opportunities across the media and entertainment marketplace," said Scripps President and CEO Adam Symson, who noted that the small but significant investment complements Scripps' ongoing strategies for responding quickly to new consumer behaviors as well as helping businesses reach their customers.
Last year, MGG expanded its partnership with Florida's two NBA teams, the Miami Heat and Orlando Magic, in an effort to deepen commercial opportunities across the Florida-based properties.
--Field Level Media