OverActive Media has announced a second closing on its private placement, knocking its aggregate gross proceeds up to $40 million.
The Toronto-based company has also added the ownership team of the NHL’s Montreal Canadiens as part of the funding. The Arizona Coyotes’ Phil Kessel and the Washington Capitals’ Carl Hagelin are joining OverActive Media as celebrity and athlete owners, too.
OverActive Media is the parent company of the Overwatch League’s Toronto Defiant, the Call of Duty League’s Toronto Ultra, and MAD Lions, who compete in League of Legends and CS:GO. MAD Lions recently won the 2021 LEC Spring Split finals, which brought an end to the era of G2-Fnatic dominance in the LEC. The Toronto Ultra also exceeded expectations by becoming the CDL’s Stage Two Major champions this past weekend.
OverActive plans to build a massive new performance venue, targeted for completion in 2025. The venue will have 7,000 seats and will cost $500 million to build.
The venue will be the primary home for the Defiant and Ultra, but there will be other events held to help offset the massive cost.
“We are proud of the tremendous momentum we have gathered ahead of our planned public listing,” said Chris Overholt, president and CEO of OverActive Media. “Announcing the addition of the Montreal Canadiens, Phil Kessel, and Carl Hagelin to our ownership group is a tremendous honor.”