Gray Television leads $40m funding round for Envy Gaming

Dallas-based esports organisation Envy Gaming has announced a $40m (~£28.7m) investment round, with American media company Gray Television leading the funding. 

As the lead investor in Envy’s Series C round, Gray Television will invest $28.5m (~£20.5m) and name two directors to the organisation’s board of directors.

Photo credit: Envy Gaming

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Hilton H. Howell, Jr., Gray’s Executive Chairman and CEO commented: “We’re excited to lead this investment in Envy Gaming, an organisation known for breaking ground and pushing the limits of what the future holds for gaming and entertainment. “ 

The media company will join Envy’s ownership group, which includes Envy Gaming Chief Gaming Officer Mike Rufail, Grammy artist Post Malone and Ken Hersh, a minority owner of the Texas Rangers Baseball Club. Additional partners include prominent Texas families and select national investors.

Team Envy currently owns Overwatch League franchise Dallas Fuel and Call of Duty League side Dallas Empire. The organisation also has teams competing in Rocket League, VALORANT, Smash Bros and Halo.

“Esports and gaming is the fastest-growing area across all of media and entertainment,” said Adam Rymer, CEO of Envy Gaming. “Building global communities through content and engagement, similar to what the world has seen in the music, film and TV industries, is an endeavour we’re incredibly excited to work on with Gray as our partner.”

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Envy’s CEO Rufail added: “From the first time we talked to Gray, it became evident to me that our leadership team and winning culture at Envy had found a perfect partner to help continue our great success.” 

Based in Atlanta, Georgia, Gray Television is one of the largest owners of television stations in the U.S., reaching approximately 24 percent of U.S. television households, according to the release.

The American New York Stock Exchange (NYSE) listed broadcasting company owns stations and digital properties in 94 TV markets, including over 150 affiliates of NBC Network, ABC Network and FOX Network. Gray also owns an array of video production, marketing, and digital businesses, such as Raycom Sports, Tupelo Honey and RTM Studios.

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Esports Insider says: Envy Gaming, has made several big moves in 2020, including launching its membership programme, hiring a new CEO, or entering into partnerships with ThriveFantasy and Jack in the Box and Belong. This significant investment will surely help the organisation prosper even more.

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