OverActive Media’s Biggest Financial Partnership to Date
TORONTO, Feb. 28, 2024 /CNW/ – OverActive Media Corp. (TSXV:OAM) (“OverActive” or the “Company”), a premier global esports and entertainment company for today’s generation of fans, today announced that Telefónica, a long-time partner of Movistar Riders, has renewed their sponsorship for three years to the end of 2026. Upon completion of OverActive’s pending acquisitions of the esports assets of Goatch Global, S.L. (operating as “KOI”) and Team Randomk Esports S.L. (operating as “Movistar Riders”) (collectively, the “Acquisitions”), first announced on January 4, the multimillion-dollar multi-year agreement will represent the largest financial partnership in OverActive’s history.
Telefónica announced the partnership renewal at the Telefónica booth at Mobile World Congress in Barcelona on February 28, 2024, in front of a live audience.
“We are excited about the opportunities these acquisitions unlock,” said Adam Adamou, CEO, OverActive Media. “Today’s announcement is a prime example of a long-time Movistar Riders partner benefiting from the value that OverActive and KOI bring to the table. This is the biggest long-term partnership agreement in our history. It is a proud day for everyone involved. We are honoured by Telefónica’s confidence in our business.”
Telefónica has been a Movistar Riders partner since 2017. The extended partnership agreement between Movistar Riders and Telefónica includes limited naming rights, branding presence on uniforms and merchandise, and content creation and promotion. In 2022, Telefónica became a minority owner of Movistar Riders. Upon completion of the Acquisitions, Telefonica will become an OverActive shareholder.
OverActive’s partnership efforts are a core part of its overall business strategy. The Company combines its expertise, reach and knowledge of today’s generation of fans to tap into younger audiences to provide meaningful engagement opportunities for its partners. Through the proposed Acquisitions and the Telefónica partnership extension, OverActive continues to build new ways for partners to connect with the broader esports’ community.