OverActive Media announced the elimination of $2 million in franchise payables in announcing a new long-term partnership with Riot Games to participate in the League of Legends EMEA Championship (LEC).
OverActive Media was originally awarded an LEC franchise in 2018, and had $2 million in fees still due in 2025. Thursday’s announcement said those fees will be eliminated, while the new deal “unlocks” new revenue streams including expanded sponsorship opportunities, merchandise sales, in-game purchases, and media rights.
“With this agreement, we have eliminated all future franchise obligations from our balance sheet and we now own 100 percent of our franchises without any associated liabilities,” OverActive Media CEO Adam Adamou said in a statement. “This long-term partnership with Riot Games reaffirms our commitment to the League of Legends EMEA Championship and strengthens our strategic position in esports.
“We are excited to deepen our connection with fans and partners through our continued participation in the LEC, as we focus on delivering sustainable, long-term value for our shareholders.”
OverActive will also gain access to Riot Games’ global network of media and sponsorship partners as part of the new agreement.
–Field Level Media
