Enthusiast Closes Steel Media Acquisition

Keeping up a string of mergers and acquisitions throughout the year, Enthusiast Gaming Holdings Inc. just closed the acquisition of mobile gaming website conglomerate Steel Media Limited. 

The closing of that cash and stock deal sees Enthusiast gain access to Steel’s line of 20 media websites focused on handheld and phone-based gaming, including Pocket Gamer, AppSpy, Block Chain Gamer, and PC Games Insider. 

Under the terms of the deal, Enthusiast is offering up an immediate cash payment of $1.9 million and issuing just over 300,000 common shares to acquire 100% of Steel Media. 

Now operating under the Enthusiast banner, Steel Media will continue to be led by Chief Executive Officer Chris James as the company moves forward with its B2B mobile game conferences such as Pocket Gamer Connects and the Mobile Game Awards. 

Discussing this latest acquisition closing this week, Enthusiast Gaming President Menashe Kestenbaum commented: 

We have seen a significant increase in mobile gaming and it continues to be a huge segment within the overall industry. Steel Media has built a well-recognized brand across mobile, B2B, and events that will allow us to continue capitalizing on the growth of mobile gaming and drive further revenue synergies across two of our three pillars: media and events.

With the buyout deal officially closed, Enthusiast now runs more than 100 gaming-focused websites across all major platforms, in addition to nearly 1,000 YouTube channels and 30 gaming events worldwide. The company additionally sponsors 7 pro eSports teams. 

On the sports front, Enthusiast inked a deal with NFL cornerback Richard Sherman last month to serve as a global ambassador for the company’s eSports brand Luminosity Gaming.  

While partnered with Luminosity, Sherman will promote events as well as engage in a number of eSports challenges against his fellow teammates and other NFL rivals from opposing teams. 

In other recent acquisition news, Enthusiast also bought out The Sims Resource last month, adding one of the largest populations of primarily female Sims game content creators on the web. That site recently saw a surge of new activity with the release of the Realm Of Magic expansion for The Sims 4 on PC. 

The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Capital 10X hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.

Ty Arthur
Ty Arthur has spent the last decade of his journalism career covering everything from cutting-edge tech to local news through outlets such as the Houston Chronicle. He has focused on the counterculture aspects of society, from marijuana legalization to underground music through Metalunderground.com and rapidly changing trends in the entertainment industry. He lives in the cold, dark north with his wife and son.

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