Enthusiast Gaming, the parent company of Luminosity Gaming, is set to acquire news and strategy guide platform Icy Veins for €7m (~£5.99m).The amount is expected to be paid in cash and stock, plus an earnout has been agreed by Enthusiast Gaming and Vedatis SAS, Icy Veins’ owners, should certain milestones be achieved.
Enthusiast Gaming has worked with Icy Veins since 2017, through monetising advertising traffic. According to the announcement, the esports organisation generated approximately $2.4m (£1.73m) in advertising revenue for the platform last year, with 75 per cent of that figure being paid to Icy Veins’ owners.