Mexican television network TV Azteca, which is owned by Grupo Salinas, has entered a term sheet with Black Ridge Acquisition Corp. that’ll see it become a shareholder in esports entertainment company Allied Esports.
TV Azteca will acquire $5 million (£3.96 million) in shares of Black Ridge Acquisition Corp., aiming to position Allied Esports strongly in the Mexican esports market.
The obligations of the term sheet are subject to a number of factors, including TV Azteca completing due diligence of the purchase of shares.
Frank Ng, Co-CEO of Ourgame International Holdings Ltd. commented on the venture in a release: “Continuing to expand our footprint around the world with likeminded leaders and innovators is imperative to our success, and we are delighted to partner with TV Azteca as we enter Latin America with a smart, aggressive plan. The Mexican and Latin American market presents incredible potential, and this partnership, featuring two first-movers in esports, entertainment and distribution, is a winning combination.”
Should the acquisition of shares go through, TV Azteca will work with Allied Esports to create a 24-hour digital channel focused on esports and gaming, build a esports venue (similar to the HyperX Esports Arena Las Vegas) and additional facilities in Mexico, and create co-branded esports programming.
Benjamin Salinas, CEO of TV Azteca added: “We are enthusiastic about our investment in Allied Esports and the prospect of joining forces to become the clear leader in the delivery of esports entertainment in the region. This relationship represents a transformational step for TV Azteca and for the millions of members of the esports community in Latin America.”
Black Ridge Acquisition Corp. entered an agreement to acquire Allied Esports and World Poker Tour from Ourgame International Holdings Ltd. in December last year.
Esports Insider says: Allied Esports has been making moves in the past year in a number of ways, but this is perhaps the most interesting yet. There are a whole host of widely-untapped areas when it comes to esports and replicating its U.S.-related in Mexico will be an interesting venture that we’ll be keeping a keen eye on.