Media and communications company Advance has announced today that it has acquired a majority stake in The Esports Observer, marking its second esports-related acquisition this month.
The Esports Observer reports that Advance's subsidiary, American City Business Journals, already held a minority stake in the publication ahead of the deal. The terms were not disclosed.
"Since our original investment in The Esports Observer last year, TEO has been key to helping us and our audience gain a better understanding of the broader esports business," said Sports Business Journal CEO Whitney Shaw. "We see significant long-term potential in esports, and TEO helps us serve professionals in the business of esports, just as we've served traditional sports executives for more than 20 years."
Just a few weeks ago, Advance also acquired a majority stake in game and esports analytics firm Newzoo. At the time, Newzoo CEO Peter Warman said the company's past work in esports had been especially of interest to Advance, as the media company hoped to expand the Sports Business Journal's portfolio using the firm's market intelligence and esports insights.