Canadian esports company OverActive Media announced an $8 million agreement with the Overwatch League on Monday.
OverActive, the owner of the OWL franchise Toronto Defiant, said the deal has three major components: a sponsorship deal between the Defiant and the league, the elimination of outstanding entry fees and an early payment of league revenue sharing.
"Our collaboration with the Overwatch League demonstrates our commitment to a league that offers the best experience for fans, teams, and players," OverActive co-founder and interim CEO Adam Adamou said in a news release. "We believe this development indicates promising progress for Overwatch and esports."
OverActive placed the value of the agreement at $10.8 million CAD, or $8.043 million USD as of Monday morning.
It was reported in May 2022 that Overwatch League teams owed Activision Blizzard, the developer of Overwatch, roughly $6 to $7.5 million each for a total of $120 to $150 million.
In January, the teams reportedly hired a law firm to begin collective bargaining proceedings against the league due to "high operating costs and missed revenue promises," according to esportsinsider.com.
It was not immediately clear whether the 19 other teams in the Overwatch League have reached or will reach similar deals.
--Field Level Media