TORONTO, Jan. 23, 2024 /CNW/ - OverActive Media Corp. (TSXV: OAM) ("OverActive" or the "Company") today announced that it has entered into a definitive asset purchase agreement with Goatch Global, S.L. (operating as "KOI") and a definitive share purchase agreement with the shareholders of Team Randomk Esports S.L., (operating as "Movistar Riders"), each dated January 22, 2024, in respect of its previously announced acquisition of certain esports assets owned by KOI and of Movistar Riders (together, the "Acquisitions"). Additionally, Telefónica, a long-time partner of Movistar Riders, has signed a multi-year partnership extension. Upon completion of the Acquisitions, the agreement will represent the largest financial partnership in OverActive's history.

Telefónica has been a main sponsor of Movistar Riders since 2017. The extended partnership agreement between Movistar Riders and Telefónica includes naming rights, branding presence on uniforms and merchandise, and content creation and promotion. In 2022, Telefónica FILIALES became a minority owner of the club, buying 15 percent of Movistar Riders. Upon completion of the Acquisitions, it will become an OverActive shareholder. 

MAD Lions KOI kicked off the League of Legends EMEA Championship (LEC) Winter Split on January 13, with their third match this season reaching 741,000 peak viewers, making it the most popular regular season LEC match in history¹. Ibai Llanos co-streamed the matches live, generating more than 6 million views on Twitch. This follows a January 4^th kickoff event celebrating the pending acquisitions of KOI and Movistar Riders that reached nearly 120,000 concurrent viewers, the largest non-game day audience for OverActive. The announcement reached an audience of over 5 million across the Company's social media channels. Ibai will be joining OverActive as a shareholder and brand ambassador upon the closing of these transactions.