Media and content platform Enthusiast Gaming Holdings Inc. announced its acquisition of GameKnot LLC, owner of chess fan community GameKnot.com on September 1st. The sale went for $2.75 million, consisting of: I) $1.5 million paid in cash on closing, II) $0.75 million paid in common shares of the Company on closing, and III) a deferred payment of $0.5 million, payable six (6) months post-closing (in cash or common shares at the option of the Company).
“GameKnot has long served as a destination for chess enthusiasts around the world to play, learn, and connect,” said Adrian Montgomery, CEO of Enthusiast Gaming. “This acquisition is in line with Enthusiast Gaming’s buy-and-build strategy for gaming communities, responds to growing interest in chess from members of our Luminosity Gaming roster such as xQc and NickEh30, and capitalizes on recent viewership growth for chess on Twitch.”
Founded in 2000, GameKnot is a news, strategy, and community site for casual and competitive chess players, offering multiple forms of competition via chess tournaments, leagues, and ladders. With free and premium subscription offerings, the site also provides resources including lessons and puzzles. GameKnot currently produces approximately 35 million monthly page views, of which approximately 80% are from registered and logged-in users.
(All information was provided by Yahoo Finance)