OverActive Media Announces $40m Investment, Montreal Canadiens Joins Ownership Group

OverActive Media, the parent company of MAD Lions, Toronto Ultra and Toronto Defiant, has announced a second close to its private placement, with the firm receiving a total of over $40m (~£29.11m) in funding.

As a result of the investment, NHL’s Montreal Canadiens has joined OverActive Media’s ownership group. Moreover, Arizona Coyotes’ Phil Kessel and Washington Capitals’ Carl Hagelin have also become the latest in the esports company’s growing contingent of owners who are professional athletes.

According to the release, this is the first time that the Montreal Canadiens has entered the esports industry. The investment by all involved has also been made through both brokered and non-brokered financings.

Geoff Molson, President, CEO and Co-Owner of the Montreal Canadiens, commented: “We are thrilled to be joining this already strong partnership group led by the Kimel family, Sheldon Pollack and Bell. We have been following the incredible progress of the OverActive Media team for more than two years.

“They are an impressive operation and clearly a leading organisation in the global esports industry. We could not be more excited for our future together.”

Exact details regarding the size of the Montreal Canadiens’ equity stake in OverActive Media has not been revealed. The same applies to Kessel and Hagelin.

Chris Overholt, President and CEO of OverActive Media, said: “We are beginning to manifest our vision for building a world-leading sports and entertainment organisation for a new generation of fans – and who better to inform that strategy than to partner with one of the single most successful sport franchises of all time.

“We have much to learn from Geoff Molson and his team, and we look forward to a long and successful partnership with the Canadiens and their leadership group.”

Kessel and Hagelin join OverActive Media’s growing list of celebrity investors, with the likes of The Weeknd and fellow ice hockey player Mitch Marner previously announced as owners.

Overholt added: “We are proud of the tremendous momentum we have gathered ahead of our planned public listing.

“Announcing the addition of the Montreal Canadiens, Phil Kessel and Carl Hagelin to our ownership group is a tremendous honour. We are humbled by their interest and incredible support for our business.”

(Photo: NHL / OverActive Media)

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