In a landmark deal to enhance its immersive platform technology and
services, Infinite Reality (“iR” or the “Company”), a leading
global provider of cutting-edge virtual, AI-powered immersive
experiences, today announced it signed a definitive agreement to
acquire the Drone Racing League (“DRL”), the world’s most
futuristic sports property. The $250 million acquisition bolsters
iR’s capabilities and IP, and boosts its valuation to $3.5 billion.
Recognized for accelerating professional drone racing into the
mainstream through high tech robotics, AI, visually spectacular
content and hybrid competition, DRL marks iR’s latest acquisition
as the Company expands its extensive portfolio, which includes
spatial web design pioneer, Ethereal Engine, fully integrated
entertainment production company, iR Studios, eSports franchises
Team Rogue (League of Legends) and London Royal Ravens (Call of
Duty), as well as digital media, content and creator services.
Ownership of DRL’s transformative technology,
media and sports ecosystem will accelerate iR’s efforts to elevate
how consumers engage and transact with brands and content, making
the experience more immersive, and in the case of sports and
entertainment, as exciting as attending a live event.
"Infinite Reality revolutionizes fan and
customer engagement across platforms, making every moment more
interactive, accessible and captivating,” said John Acunto, CEO of
Infinite Reality. “DRL epitomizes 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.”
Gen Z and Millennials have high expectations for
the future of sports. According to a survey conducted by Deloitte,
by 2030, 67% of fans said professional sports consumption would be
more interactive and 54% said it would be more immersive than
today. As one of Gen Z’s favorite sports, DRL is already leading in
this arena, winning over the hearts and minds of close to 100
million young, global and elusive fans through high-tech
competition, on-demand content and interactive viewing experiences
that make fans feel like they are flying inside a racing
drone.
“We created the Drone Racing League to bring the
sport from the future to millions of fans who weren’t as excited
about traditional sports from the past. The DRL team advanced the
technology, media capture and race competition to deliver a sport
of constant innovation, cultural relevance and thrilling action.
Today, we are incredibly excited to join Infinite Reality, a
company that has the vision and resources to take drone racing and
our core technology to infinite heights,” said Nicholas
Horbaczewski, CEO & Founder of the Drone Racing League.
DRL has previously received investments from
notable sports, media and technology entities, including RSE
Ventures, Liberty Media (owner of Formula One & MotoGP), Exor
(owner of Ferrari), ISOS Capital, WWE, T-Mobile Ventures, CAA
Ventures, Lux Capital, Lerer Hippeau, Courtside Ventures, Sky and
Hearst Ventures.
Stephen Ross, RSE Ventures Co-Founder &
Chairman said, “Nick epitomizes all that is so great about the
entrepreneurial fire that burns so bright in the United States. He
saw something others missed or just didn't believe, and he was
determined to fight for his dream until the world realized he was
right all along. To build a sport from nothing is near impossible
and I'm so proud to have witnessed the entire journey from day one.
We can't wait to see where DRL and the Infinite Reality team take
this still young sport that has earned its wings.”
Matt Higgins, RSE Ventures Co-Founder & CEO
said, "I still remember the day Nick walked into RSE's office in
2015 armed with nothing more than a deck and a vision for a new
immersive technology driven sport. 'What person on earth doesn't
dream of flying?' That was Nick's simple premise, and in the years
since, he has made that childhood dream a reality for hundreds of
millions of people worldwide. To get there, he had to invent and
patent technology that would overcome such novel technological
hurdles. How do you make a drone fly 100 MPH through a stadium and
transmit signals through cinder block walls with near zero latency
before the pilot even realizes they've crashed? What once seemed so
improbable a decade ago is now inevitable thanks to Nick, Rachel
and the incredible team at DRL. I'm so excited to see how the big
creative minds at Infinite Reality extend drone racing into a truly
immersive experience that will captivate an entire new legion of
fans.”
Eric Hippeau, CEO of Lerer Hippeau, commented,
“The Drone Racing League has grown as fast as their drones fly,
rivaling major tech and entertainment brands that have decades of
experience on them. DRL will position Infinite Reality as a global
leader in the tech and media space.”
DRL and iR will integrate their world-class
teams, who share decades of senior leadership positions at top
brands including Amazon, the NBA, Discovery Inc and Peloton. As
part of the transaction, DRL CEO & Founder Nicholas
Horbaczewski will be promoted to iR Global President and DRL
President Rachel Jacobson to iR President, Global Business Ventures
and Partnerships.
“When we acquire companies at Infinite Reality
we like to get to know the founders to make sure they fit our
culture and share our passion, mindset and vision of the future,
and there are no better examples of this than Nicholas and Rachel
whose leadership and impressive experience bring tremendous value
to iR,” said Amish Shah, Co-Founder & Chief Business Officer of
Infinite Reality.
"When I joined the Drone Racing League four
years ago, we set out to blitzscale the growth of the league across
our fans and media, and I am so proud of the DRL team and this
milestone. Together with Infinite Reality, we are well-positioned
to accelerate the future of technology-driven media and
entertainment. We will blur the line between the digital and the
real like never before and ignite massive fandom with younger
generations who demand the most immersive experiences,” said DRL
President Rachel Jacobson.
Since its launch in 2016, DRL has put drones at
the center of culture, reimagining sports through groundbreaking
technology, electrifying fans with high-speed drone races,
dominating social media with viral drone videos, unveiling
award-winning STEM programs and elevating the world’s best pilots
as the most competitive drone racers and sought-after Hollywood
drone cinematographers. DRL has reached over one billion annual
digital video views and has a global broadcast footprint of 320
million households through top sports networks and streaming
distribution agreements. In the past two years, DRL doubled their
social media audience to over 15 million followers, including 5.4
million on TikTok, more than other major sports leagues. Together,
iR and DRL will unveil professional drone racing stadiums, a
Formula One inspired global circuit of Championship DRL events and
AI-powered sports and entertainment experiences, all of which will
provide expanded value for blue chip partners such as the U.S. Air
Force, Vodafone, WarnerMedia and Universal Music Group, among
others.
Now, with the addition of DRL, and following its
proposed go-public transaction with Newbury Street Acquisition
Corporation (NASDAQ: NBST), iR is better positioned to continue to
expand its reach and trailblaze the multi-billion-dollar immersive
technology, digital media and entertainment industries.
The transaction is subject to regulatory
approvals and certain closing conditions and is expected to close
in the second quarter of 2024.
About Infinite RealityInfinite
Reality (“iR”) is an innovative technology and entertainment
company specializing in the development of cutting-edge, AI-powered
immersive experiences. iR’s immersive experiences enable brands and
creators to fully control the ways in which they distribute
content, engage audiences, and commercialize their creations while
also giving them ownership over their data. With its deep expertise
in Hollywood production, iR develops immersive experiences that
maximize the value between brands, content, and audiences and
redefine the possibilities in connected digital environments.
About Drone Racing
League Drone Racing League (DRL) is the world's
premier professional drone racing property. The best drone pilots
in the world fly in DRL and millions of fans watch them race on top
sports networks and platforms. Combining groundbreaking technology
and immersive drone racing, DRL is creating a new era of sports
that brings high-speed competition in real life and virtual
simulation. Founded by Nicholas Horbaczewski in 2015, DRL is
privately held and headquartered in NYC. For more information,
visit www.drl.io.
Media & Investor Contacts:Melanie Wallner,
DRLMelanie@drl.io
Brett Milotte, ICR Brett.Milotte@icrinc.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5627b15d-3622-41fb-85aa-52b4b29b5c24
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