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FaZe Clan enters public market, deal valued at $725 million

Jul 21, 2019; Miami Beach, FL, USA; A general view as Faze Clan takes on EUnited during the Call of Duty League Finals e-sports event at Miami Beach Convention Center. Mandatory Credit: Jasen Vinlove-USA TODAY Sports

Popular esports organization FaZe Clan became a publicly traded company on Wednesday after finalizing a merger with B. Riley Principal 150 Merger Corp. in a deal worth $725 million.

FaZe will be listed on the Nasdaq and made the decision to go public last October before receiving approval from the SEC last month. Shareholders of BRPM also had to sign off on the deal.

Nearly 100 esports players and content creators have come together to form the clan, with celebrities such as Snoop Dogg, Kyler Murray and LeBron James’ son, LeBron James Jr., known as Bronny, also being in the mix. FaZe has been a powerhouse within the digital landscape, accumulating 500 million followers across its social media platforms.

“We think we’re the first Gen Z brand to go public,” FaZe Clan CEO Lee Trink said, according to CNBC. “We’re certainly the first creator-based brand to go public.”

FAZE is the tag that the organization is being traded under. Shares opened at $13 apiece, but decreased by about 25% on their first day of trading.

Forbes ranked FaZe Clan as the fourth-most valuable esports brand at $400 million behind Team Liquid ($440 million), 100 Thieves ($460 million) and TSM ($540 million).

The move to the public market comes at a good time, as the esports audience is projected to grow to 532 million, according to Newzoo, a data firm that focuses specifically on gaming.

FaZe Clan is partnered with a number of well-known corporations, including McDonald’s, the NFL, DraftKings and Nissan.

–Field Level Media

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