Color Star Technology (CSCW) to acquire Wuhan Chujing Esports
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Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the "Company"), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence (AI) in the entertainment industry, announces that its wholly-owned subsidiary, Color China, has officially signed an agreement of intent to acquire Wuhan Chujing Esports Culture Communication Co., Ltd. (hereinafter known as "Chujing Esports"). The two companies will collaborate in developing a global esports pan-entertainment sector combining their respective industry advantages. Color Star will also include this new sector as a essential part of its business.
The mergee, Chujing Esports, is an innovative cultural enterprise that focuses on internet "esports+". The company integrates new platforms, new traffic, new culture and creativity, and new ideas related to the development of esports concepts in the new era. It adopts the online and offline dual-channel business model, actively engages in sustainable and eco-friendly initiatives, and promotes college students' innovation, entrepreneurship, and employment in the field of internet esports. So far, Chujing Esports has successfully created many top domestic traffic IPs in the esports field, with overall traffic volume reaching 100 million. The company has long-term, in-depth cooperation with many companies across China, including Tencent, DouYu, Huya TV, TikTok, Jinri Toutiao, and Zhangyou. In the future, Chujing Esports will also strive to make outstanding contributions to realize regional, new-economy growth goals.
With rapid advancement of network technology in recent years, online mobile games have become the primary source of leisure and entertainment for young people. The popularity of various live short-video broadcast platforms have led to the emergence of esports experts and IPs who are well-known for their live esports broadcasts and esports competition. In Asia, the embrace of new forms of entertainment by the younger generation, combined with the universalization of gaming, are leading to rapid market growth as well as intense esports competition and increasing demand for esports experts.
Through the merger and acquisition of Chujing Esports, Color Star and Chujing Esports will fully integrate their online and offline platforms while cultivating and developing more esports influencers, esports IPs, esports competitions, and other esports products and services. The two companies will also undertake industry synergies and comprehensive platform integration, and lay out a new business strategy for the global market. Color Star will fully utilize the diversity of its celebrity interactive platform Color Star APP, while utilizing the experience and advantages of Chujing Esports in the esports industry. The merger of celebrity entertainment and esports will benefit Color Star on many levels, including assisting with the creation of live esports shows, esports expert competitions, and other related IP, attracting more fans to join its membership base, and achieving greater profit potential.
Mr. Basil Wilson, CEO of Color Star, commented: "Our strategy to develop a global esports pan-entertainment cultural sector is not limited to the development and distribution of esports products. The series of related business synergies that can be derived from combining entertainment and esports will create many more profit possibilities. The combination of online and offline models will allow Color Star to fully explore new business opportunities. In this regard, our merger and acquisition of Chujing Esports is highly compatible and desirable. Together, the two companies will jointly promote the global esports pan-entertainment sector."
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