Gray TV Invests $28.5M in Envy Gaming

Gray Television
(Image credit: Gray Television)

DALLAS—Gray Television is hitching its wagon to Dallas-based esports and entertainment company Envy Gaming Inc. As part of a $40 million investment round, Gray TV is putting up $28.5 million. As part of the deal, Gray TV will name two directors to the Envy Gaming board of directors.

Founded in 2007, Envy Gaming features a network of content creators, competitive gamers and esports teams with a reach across multiple platforms. In the last year, musician Post Malone also became part of the ownership group of Envy Gaming and the company opened a 21,000-square-foot training facility and live production and content studio in Dallas.

Though not specifically outlined, as a partner Gray TV is expected to help continue growing Envy Gaming. Gray TV owns more than 500 separate programming streams, including roughly 160 affiliates of the big four broadcast networks, that reach approximately 24% of U.S. households. Gray TV also owns video program production, marketing and digital businesses Raycom Sports, Tupelo Honey and RTM Studios.

“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.”

“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,” said Hilton H. Howell Jr., Gray TV’s executive chairman and CEO.