11:30 AM EDT, 06/18/2024 (MT Newswires) -- GameSquare ( GAME ) said Tuesday it has sold a 25.5% interest in internet media company FaZe Media for $9.5 million to an entity controlled by FaZe Media Chief Executive FaZe Banks.

The proceeds will be used for investments and working capital requirements, GameSquare ( GAME ) said.

GameSquare ( GAME ) said it still owns 25.5% of FaZe Media and will retain controlling voting control of the transferred shares for a two-year period following the transaction, with the 49% interest currently held by DraftKings ( DKNG ) co-founder Matt Kalish,

GameSquare ( GAME ) said the purchaser has the option to acquire up to 3.2 million additional shares held by GameSquare ( GAME ) at fair market value, but not less than $2 per share.

Shares of GameSquare ( GAME ) rose nearly 9% in recent trading.

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