Infinite Reality Buys Drone Racing League for $250 Million [BNN Bloomberg (Canada)]
Liberty Media Corporation - Series A Liberty SiriusXM (LSXMA)
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Source: BNN Bloomberg
Drone racers fly quadcopters, aircraft with four propellers. Often, pilots wear virtual reality goggles that receive a feed from the camera embedded on the drone and maneuver as if they were in the craft itself in order to steer it. As part of the acquisition, Infinite Reality will take on DRL's staff, while DRL's chief exectutive officer and founder Nicholas Horbaczewski will become Infinite Reality's global president. DRL, founded in 2015, is primarily backed by investors including RSE Ventures, the venture firm co-founded by Miami Dolphins owner Stephen Ross. Other investors include Liberty Media, T-Mobile, CAA Ventures and Lux Capital. Infinite Reality is a technology provider that helps build metaverse experiences. It also owns e-sports franchises in games such as League of Legends and Call of Duty. The deal values Infinite Reality at $3.5 billion, the companies said in a statement. A spokesperson for DRL declined to disclose the financial structure of the deal. Read Mor
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- The Liberty SiriusXM Group (NASDAQ: LSXMA) was upgraded by analysts at Seaport Res Ptn from a "neutral" rating to a "buy" rating.MarketBeat
LSXMA
Sec Filings
- 5/2/24 - Form 8-K
- 5/1/24 - Form 4
- 5/1/24 - Form SC
- LSXMA's page on the SEC website