Conde Nast owner Advance buys majority stake in market researcher Newzoo
Game market research firm Newzoo announced today that it's accepted an undisclosed investment from Advance Publications, the venerable media company that owns outlets like Reddit, Wired, and The New Yorker, in exchange for giving Advance a majority stake in the company.
Notably, the deal will see Newzoo grow its operations and collaborate with the Advance-owned Sports Business Journal to expand its market research efforts beyond games and eSports to encompass regular ol' sports sports.
"Adding Newzoo to the Advance family of companies will add innovative power and capabilities to our group and help us build our sports intelligence business," read a statement attributed to Sports Business Journal chief Whitney Shaw. "Combining the data and resources that we already have at SBJ with the tech, talent, and expertise of Newzoo will be amazing."
This appears to be part of a general expansion of Advance's sports and eSports businesses, as the company claims to have also recently invested in The eSports Observer and the Leaders sports event firm.