Metaverse Company Infinite Reality Buys ReKTGlobal for $470 Million
ReKTGlobal, the parent company of esports teams Rogue and the London Royal Ravens, has been acquired by metaverse company Infinite Reality for $470 million USD. ReKTGlobal is valued at $2 billion USD in equity according to Infinite Reality’s valuation. The deal is yet to be approved and if it goes through, all assets and brands under ReKTGlobal will be owned by Infinite Reality.
Infinite Reality to get control of multiple businesses
In addition to Rogue and the London Royal Ravens, Infinite Reality will also own content production agency Greenlit Content, which specializes in esports content. Internet talent management company TalentX Entertainment will also come under the Infinite Reality brand as part of the high-profile business deal.
ReKTGlobal Founder and Chairman Amish Shah , “we want to be a 10, 20, 30 billion (dollar) company and we think we can get there quicker. Staying standalone like, I think we could only get to one or two billion in the next three years, but doing this with John (John Acunto, Infinite Reality CEO) and crew we can get there quicker and faster.”
When it comes to the two esports teams, Rogue and London Royal Ravens will not undergo any major changes. But the teams will get access to Thunder Studios in California, which is used for esports events. If Rogue makes it to the League of Legends World Championships in 2022, the team will be able to take advantage of the facility. The staff at all ReKTGlobal owned companies will remain intact and there will not be any layoffs. Instead, staff expansion plans are in place to grow some of the existing staff groups.
There is not much known about Infinite Reality, the company that is making the acquisition. CEO John Acunto stated that a number of name changes took place in the recent past. The company was previously known as Display Social and it is trying to evolve into a metaverse and entertainment-focused brand.