GameSquare's Sale Of Frankly Media To SoCast Marks New Era

GameSquare Holdings Inc GAME inked a deal with SoCast, Inc. to sell its noncore radio business assets, Frankly Media LLC.

Frankly provides an online content management platform and related content services for around 700+ radio stations. 

As per the terms, SoCast will pay $4 million, including $3 million upon closing of the transaction and up to an additional $1 million based on future revenue derived from the radio assets. 

The transaction is expected to close by the end of November 2023.

Lou Schwartz, president of GameSquare said, "We are focused on enhancing our cost structure, and streamlining our business to support our core marketing, gaming, creative, and technology solutions and capabilities, as we continue to successfully integrate the April 2023 Engine Gaming acquisition and optimize our modern marketing technology platform."

"This transaction demonstrates our success accessing capital through non-dilutive sources, while also providing additional revenue opportunities to support SoCast's business with the other products and services we offer," he added.

Last month, GAME inked a definitive agreement to acquire FaZe Clan in an all-stock transaction.

Price Action: GAME shares were up 6.5% to $1.64 at last check Friday.

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