The US based digital entertainment company Global Gaming Network (GBGM) has recently announced the sale of certain assets of its Amped Fantasy Sports and Sports Alert to investors Lux Digital Pictures GmbH Partners. GBGM also announced that it will be focusing on the B2B market for customized fantasy games.
The digital entertainment investment company entered into an Exchange and Asset Purchase Agreement with the digital media firm StreamTrack for the latter’s acquisition of the fantasy sports assets.
Founded nearly two decades ago, the Global Gaming Network is a company that serves as a developer, distributor and aggregator of digital entertainment and also provides sports information for online and mobile. The Los Angeles based company is best known for owning and operating Amped Fantasy Sports and Sports Alert. Amped Fantasy Sports is a website that provides daily and weekly fantasy sports contests which allows it users legally bet on sporting events. Sports Alert on the other hand is an independent mobile sports information service that provides real time score updates via subscribers’ mobile phones in the United States and Canada.
Under the terms of agreement, StreamTrack acquired the infrastructures (eg. source codes, email and SMS system, automated gaming system) for both Amped and Sports Alert; over 100,000 registered users of both sports services; the intellectual property rights, website, contracts and agreements, internet servers, modems, artwork, contracts and agreement and marketing materials for both fantasy sports names; and a total of 29 domain names in the sports and fantasy related industries.
GBGM received convertible preferred shares in StreamTrack amounting to $120,000 as consideration for the sale.
The Santa Barbara based digital media firm offers audio and video streaming services to online and terrestrial radio stations as well as other broadcast content providers via its RadioLoyalty platform. With its acquisition of the former GBGM assets, StreamTrack will now join the bourgeoning daily fantasy sports sector in the United States, an industry with over 300% in annual growth over the past several years.
StreamTrack will engage fans and enthusiasts across all sports by providing additional audio and video content that shall include scores, news and statistics.
According to Michael Hill, Chief Executive Officer of StreamTrack, the acquisition of Amped Fantasy Sports and Sports Alert enables the digital media firm to immediately have reach into a highly synergistic audience with daily fantasy sports. The completion of this deal also strengthens StreamTrack’s relationship with GBGM who has already agreed to apply the Amped Fantasy Sports brand to its business applications which include casinos, restaurants, clubs and sports bars.
In its press release, GBGM now plans to direct its efforts going forward on exploiting its Fantasy Sports B2B operation that shall target casinos, restaurant chains and sports bars in the United States.
According to Stephen Kern, President of GBGM, the company is pleased to have sold the two brands to a company dedicated to becoming a major force in the fantasy sports business. GBGM will now have the opportunity of focusing on their Fantasy Sports B2B operations with their partners Impact Fantasy Sports and Atlantic City Fantasy Sports.
Kern adds that there is already an ongoing discussion with a leading operator in Atlantic City for the licensing of fantasy sports that shall be available online, mobile and a kiosk that shall be available in the venue. The company has also set up its Vegas Fantasy Sports division that shall focus on licensing fantasy sports to local gambling and restaurant venues in the area. GBGM also looks forward to more agreements with a major casino or nationwide restaurant chain being made at the start of the 2015 NFL season.