On January 4, OverActive Media announced its entry into a non-binding letter of intent with KOI and Movistar Riders. If this acquisition proceeds, OverActive Media will assume control of all assets belonging to the two popular Spanish esports organizations.
For context, OverActive Media is the parent company of the League of Legends franchise MAD Lions, while KOI is co-owned by Twitch megastar Ibai. The goal of this acquisition is to unify these two esports entities under a single brand by the end of the upcoming season.
KOI, over the last three years, has become one of the biggest brands in Europe, thanks in part to its star owners.
Furthermore, Gerard Piqué, co-founder of KOI, and Gabriel Saenz de Buruaga, a prominent Media Agency Executive and co-founder of Movistar Riders, will join OverActive’s board of directors. The acquisition is pending ratification, but if successful, the Canadian esports holding company is expected to add between $10,000,000 to $12,000,000 in income in 2024.
ESPORTS IMPLICATIONS OF THE TAKEOVER
Pending approvals from Riot Games and the League of Legends EMEA Championship, OverActive Media will participate in the upcoming LEC season under the MAD Lions KOI banner. Additionally, they will secure a place in the Valorant Champions Tour EMEA League, with the existing team potentially rebranding under the Movistar KOI name.
Movistar Riders will continue its esports sides in League of Legends, Counter-Strike, and FIFA in the Spanish markets after the acquisitions. The company’s marketing, production, and influencer management operations, including Gaming House Media, Mira! Broadcast, and 2.10 Talent Agency, will also continue unaffected.
Adam Adamou, the CEO of OverActive, expressed in a statement:
“Adding KOI and Movistar Riders to OverActive will solidify our position in Spain, EMEA, and Latin America. Both brands are active in complementary esports titles and have industry-leading talent and social influence, top-tier relationships, and related services that bring strong synergies across our combined portfolio of assets. We are all aligned in wanting to make an immediate impact through this combination.”
It’s worth noting that Movistar Riders’ esports teams in League of Legends, Counter-Strike, and FIFA, along with its marketing and production operations, will remain active even after the acquisitions.
RECAP OF KOI AND MOVISTAR RIDERS’ ESPORTS JOURNEY
KOI, founded on December 15, 2021, by Ibai and former Barcelona star Piqué, has become one of the biggest brands in Europe, particularly in the global Hispanic community. With a total prize money of $207.3K and participation in 41 tournaments, KOI has gained popularity, especially in the Valorant and LoL disciplines.
Movistar Riders, established in 2017, runs rosters in League of Legends, Counter-Strike, FIFA, and Valorant. With total prize money of $624.2K and participation in 216 tournaments, the organization has a strong presence, particularly with its LoL and CS rosters.
With the addition of League of Legends and Valorant to its portfolio, OverActive Media, which already has a Call of Duty League franchise (Toronto Ultra), aims to expand its presence in the competitive gaming community, following the exit of its recent roster, Toronto Defiant, from the Overwatch League in November 2023.
