On Oct. 25, special purpose acquisition company (SPAC) B. Riley Principal 150 Merger Corp (NASDAQ:BRPM) announced it was merging with esports company FaZe Clan to bring it to the public markets. This makes the first time an esports team will be a public company and the $1 billion valuation is certainly head-turning.
In this video from Motley Fool Backstage Pass, recorded on Oct. 25, Fool analyst Clay Bruning discusses the deal with fellow analyst Sanmeet Deo and contributor Jon Quast. While they still have a lot to learn about FaZe Clan itself, they note the deal represents just how far video games and esports have come.
Clay Bruning: I guess the one other thing was I think the news actually came out today or maybe it was last night about the esports team FaZe is coming public in a SPAC deal that’s going to value them at $1 billion dollars. This is the first high-profile esports team or brand, if you will, that’s becoming public, and it’s going to be really interesting to see how well or maybe not so well the reception for this team is moving forward.
Sanmeet Deo: Was this the