Revenue growth of 11% year over year, supported by multi-year partnership renewals

TORONTO, Aug. 10, 2022 (GLOBE NEWSWIRE) — OverActive Media (“OverActive” or the “Company”) (TSXV: OAM) (OTCQB: OAMCF), a global sports, media and entertainment company for today’s generation of fanstoday released its second quarter results for the three and six months ended June 30, 2022.

• Total revenue grew 11% organically year over year, driven by a 52% increase in operating revenue from higher sponsorship revenue.
• OverActive hosted 8,000 fans at Canada’s first-ever Call of Duty League tournament, Toronto Ultra Major III presented by Bell.
• A third-party transaction in the League of Legends European Championship (“LEC”) has been completed with a reported value of US$55 million. That’s significantly more than the $12 million OverActive paid for its LEC franchise in 2019.

“We continue to see positive momentum and value opportunities around the strong and scalable business we are building,” said Chris Overholt, President and CEO of OverActive Media. “Not only do we gain from our focus on partnerships, as evidenced by the significant contract renewals with Bell and TD, but also from the year-on-year growth of the industry and third-party validation of the tremendous value appreciation of our franchise assets underpins our core business thesis.”

Overholt continued, “Our expenses and net loss were higher in the current quarter due in part to our investment in hosting the first-ever Call of Duty League Majors in Toronto in June. This event was a great success for our fans, partners and the city. Operations’ annual revenue growth of 52% further supports the momentum we are seeing and positions the company well for the second half of the year.”

Financial highlights of the second quarter of 2022

• Total revenue for the second quarter of 2022 increased 11% to $2.3 million primarily due to a 52% increase in…