Torque Esports enters letter of intent to acquire UMG Media

Torque Esports Corp., formerly known as Millenial Esports Corp., is set to acquire esports tournament and content creation company UMG Media.

The two companies have entered a letter of intent that will see them create a single entity that operates in sim racing, first-person shooters, and sports titles.

Torque Esports UMG Media
Logo credits: Torque Esports, UMG Media

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Dave Antony, CEO of UMG had this to say regarding the impending acquisition: “UMG is thrilled to join forces with Torque to build a broader esports company. We are confident the combined expertise of the groups will ensure future success.”

UMG’s broadcast capabilities will be used to enhance content that is currently produced by Torque, including the World’s Fastest Gamer competition – which sees gamers compete across a number of sim racing titles for a chance to become a racing driver.

UMG’s online tournament platform allows gamers to compete on a daily basis for cash prizes across a number of titles, and Torque will utilise this to expand its offerings across both user bases.

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Darren Cox, President and CEO of Torque Esports added: “We have been in contact with the UMG team for over a year now and have followed their journey with interest. We have been impressed both with the size of their business and the level of engagement with their gaming audience. Those two metrics, audience size and engagement, will define the winners in the gaming industry over the next few years.

“UMG also has other, less obvious, benefits to us. Combining their traffic with our Stream Hatchet data business will give us a lead in audience insight for brands, while UMG’s content delivery will also combine well with YouTube channel Let’s Go Racing, our recently announced acquisition.”

Esports Insider says: This acquisition is a great expansion for Torque, should everything run smoothly. Gaining a well-established tournament platform to further its expansion beyond sim racing will likely yield a bunch of new opportunities and a much bigger base of users.