Richard 'Faze Banks' Bengtson acquires 25.5% stake in Faze Media
CEO now owns 31% of the firm, which spun out of his own esports outfit Faze Clan
Richard 'Faze Banks' Bengtson has acquired a 25.5% stake in content creator-focused entertainment company Faze Media.
Bengtson, also its CEO, now owns 31% of the firm. Previous majority owner GameSquare will still have a controlling interest in the company, to ensure its "stability and continued growth," the announcement said.
Bengtson initially was behind esports outfit Faze Clan, which he co-founded back in 2010. The company was acquired by GameSquare in October 2023 for $18.5 million, a year after going public with a $725 million valuation. The company had laid off 20% of its staff in February 2023.
The firm remained independent as a wholly owned subsidiary of GameSquare, with Bengtson as its CEO. It launched Faze Media last month, with Bengtson overseeing the new operation. At the time, the brand was 51% owned by GameSquare, and 49% by president and co-founder of DraftKings Matt Kalish, who invested $11 million.
Bengtson commented: "We've always believed in the immense potential of Faze Clan, and now, with the reins back in our hands, we're more committed than ever to taking it to new heights. This isn't just a business move – it's about reigniting the original spark and driving forward with the same passion and creativity that built Faze into a global phenomenon."
He added: "We’re so confident in Faze Clan’s potential that we are putting our own money on the line and will continue to build with the support of GameSquare and Kalish who share our vision for the future."
GameSquare CEO Justin Kenna said that the announcement was a "win-win", adding: "Since completing the acquisition of Faze Clan in March 2024 our strategy has been focused on reigniting the Faze brand by returning its founders in a meaningful way. With the support of Matt Kalish and his direct investment in Faze Media, we structured the new business as a creator-led IP and media company.
"Today's announcement solidifies this approach by empowering Faze Media's creators with a significant stake in the business and aligning Faze's founders in the success of the brand."