FaZe Clan, an esports lifestyle and entertainment organization, today announced that it is going public with a SPAC in a deal that values the company at $1 billion.
The company will merge with B. Riley Principle 150 Merger Corp (BRPM) to become "FaZe Holdings Inc." FaZe Clan’s ticker symbol will be "FAZE" on the Nasdaq once the transaction closes. FaZe Clan announced plans to use the money it gets in the deal to fund its “global multi-platform growth strategy spanning content, gaming, entertainment and consumer products, including potential acquisitions.”
The plan was unveiled at a time when gaming and esports have solidified themselves as areas brands want to be a part of in order to reach Gen Z and millennial audiences. (FaZe Clan has said it has more than 350 million followers across all of its social media channels.) That drive to connect with younger audiences has resulted in FaZe partnering with brands like McDonald’s, Doritos, and DC Comics. Its players were the first esports members to be featured on the cover of Sports Illustrated, in July, and most recently were seen on the red carpet of the Dune premier in London doing a live Twitch stream.
“We are thrilled to announce this important milestone of FaZe Clan’s plans to enter the public market,” Lee Trink, CEO of FaZe Clan, said in a statement. “In our short history, we have evolved from a disruptive content generator to one of the world’s most decorated and successful esports franchises, and now into one of the younger generations’ most recognized and followed brands globally. We believe FaZe Clan is becoming the voice of youth culture, a brand that sits at the nexus of content, gaming, entertainment and lifestyle in the digital-native world.”