Metaverse company Infinite Reality has acquired the Drone Racing League (DRL) for US$250 million.
Confirmed:
- Acquisition boosts the valuation of Infinite Reality to US$3.5 billion
- The two organisations will integrate their teams as part of the transaction
Context:
Founded in 2015, DRL claims to have reached more than one billion annual digital video views and a global broadcast footprint of 320 million households through top sports networks and streaming distribution agreements.
DRL has previously received investments from notable sports, media and technology entities, including RSE Ventures, Liberty Media, Exor, ISOS Capital, WWE, T-Mobile Ventures, CAA Ventures, Lux Capital, Lerer Hippeau, Courtside Ventures, Sky, and Hearst Ventures.
Comment:
“Infinite Reality revolutionises fan and customer engagement across platforms, making every moment more interactive, accessible and captivating,” said John Acunto, chief executive of Infinite Reality.
“DRL epitomises our belief that fans don’t just want to sit in a stadium or watch broadcast highlights on social media. The future of sports and entertainment involves new and disruptive formats that are wildly more immersive.
“Now, with our combined assets, iR and DRL are set to usher in a new era of sports entertainment, powered by cutting edge tech and fueled by fandom, creativity and community.”
Coming next:
Infinite Reality had planned to go public in early 2024 with Newbury Street Acquisition Corporation, but the companies were granted a six-month extension in March.
Go deeper:
- Drone Racing League looks to the metaverse with Google Cloud partnership
- Why drone racing is the sport of the future
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