Envy Gaming Scores Gray Television Investment to Close $40 Million Round

Randall Williams
·2 min read

Envy Gaming has announced a $40 million investment round, led by Atlanta-based media company Gray Television, which will invest $28.5 million and name two directors to Envy Gaming’s board. The latest investors include Grammy-nominated rapper Post Malone, Texas Rangers minority owner Ken Hersh and the Envy Gaming owner Mike Rufail.

Gray’s investment could lead to more exposure for the esports organization. The media company reaches approximately 24% of U.S. households and broadcasts more than 500 separate programming streams. Gray also owns Ryacom Sports, Tupelo Honey and RTM studios, all of which are video program production, marketing and digital businesses. “We’re excited to lead this investment in Envy Gaming, an organization known for breaking ground and pushing the limits of what the future holds for gaming and entertainment,” Gray’s executive chairman and CEO Hilton H. Howell, Jr., said.

“From the first time we talked to Gray, it became evident to me that our leadership team and winning culture at Envy had found a perfect partner to help continue our great success,” Rufail said.

Founded in 2007, Envy Gaming owns and operates the Dallas Empire Call of Duty League team, the Dallas Fuel team in the Overwatch League and competes in Halo, Rocket League, Super Smash Bros and Valorant. Despite the pandemic, Envy Gaming saw success in 2020. The Dallas Empire won the inaugural Call of Duty League World Championship; the chess-playing Botez sisters joined Envy’s newly launched creator network, and the company opened a 21,000-square foot training facility, live production and content studio in Dallas of January 2020.

“Esports and gaming is the fastest-growing area across all of media and entertainment,” said Adam Rymer, CEO of Envy Gaming. “Building global communities through content and engagement, similar to what the world has seen in the music, film and TV industries, is an endeavor we’re incredibly excited to work on with Gray as our partner.”

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