Connect with us

Tech

OverActive Media releases plans for proposed entertainment venue at Exhibition Place – Vancouver Is Awesome

Published

 on

OverActive Media releases plans for proposed entertainment venue at Exhibition Place – Vancouver Is Awesome


TORONTO — OverActive Media has released details of its plan for a new entertainment venue at Exhibition Place.

The esports company, home to the Toronto Defiant and Ultra teams, says the project is worth close to $500 million and includes a 7,000-seat theatre-style venue and hotel complex.

“We are building a world-leading, 21st-century sports media and entertainment company and this best-in-class performance venue will be the chosen home for a new generation of fans that think differently about their entertainment choices and experiences,” OverActive president and CEO Chris Overholt said in a statement Monday.

The plan has yet to receive final approval from the Exhibition Place board of governors and Toronto City Council, however.

“We are in the final stages of putting our business terms together with city officials and we are optimistic that we can soon wrap up our discussions to everyone’s satisfaction,” an OverActive spokesman said.

If approved, the new venue will be on a 1.6-hectare site next to the Hotel X Toronto at Exhibition Place. OverActive said it will host 200-plus events annually from concerts and esports to conventions and corporate functions.

OverActive owns franchises in the Overwatch League (Toronto Defiant), Call of Duty League (Toronto Ultra), European League of Legends (MAD Lions, playing out of Spain) and Counter Strike: Global Offensive (also MAD Lions).

In December, Overholt said his company had raised $80 million in private investment over the last two years.

OverActive’s owners include Toronto Maple Leafs forward Mitch Marner and music star The Weeknd. The ownership group includes more than 80 individuals, including Pittsburgh Penguins part-owner Mike Kimel, as well as tech entrepreneur Sheldon Pollack.

When the Library Collection of Hotels received permission to build the Hotel X at Exhibition Place, it also got the green light for a second tower.

OverActive subsequently acquired those rights and started working with the city and Exhibition Place board on a plan to build the second tower with Henry Kallan, owner of the Library Hotel Collection. 

Exhibition Place is a 192-acre site on Toronto’s waterfront that hosts the annual Canadian National Exhibition as well as BMO Field, the home of Major League Soccer’s Toronto FC and the CFL’s Toronto Argonauts.

Follow @NeilMDavidson on Twitter

This report by The Canadian Press was first published Feb. 22, 2021

Neil Davidson, The Canadian Press

Let’s block ads! (Why?)



Source link

Continue Reading

Tech

Britain in talks with 6 firms about building gigafactories for EV batteries

Published

 on

Britain in talks with 6 firms about building gigafactories for EV batteries

Britain is in talks with six companies about building gigafactories to produce batteries for electric vehicles (EV), the Financial Times reported on Wednesday, citing people briefed on the discussions.

Car makers Ford Motor Co and Nissan Motor Co Ltd, conglomerates LG Corp and Samsung, and start-ups Britishvolt and InoBat Auto are in talks with the British government or local authorities about locations for potential factories and financial support, the report added .

 

(Reporting by Kanishka Singh in Bengaluru; Editing by Himani Sarkar)

Continue Reading

Business

EBay to sell South Korean unit for about $3.6 billion to Shinsegae, Naver

Published

 on

eBay Sells Classifieds Business For Nearly  Billion – WebProNews

EBay will sell its South Korean business to retailer Shinsegae Group and e-commerce firm Naver for about 4 trillion won ($3.6 billion), local newspapers reported on Wednesday.

EBay Korea is the country’s third-largest e-commerce firm with market share of about 12.8% in 2020, according to Euromonitor. It operates the platforms Gmarket, Auction and G9.

Shinsegae, Naver and eBay Korea declined to comment.

Lotte Shopping had also been in the running, the Korea Economic Daily and other newspapers said, citing unnamed investment banking sources.

South Korea represents the world’s fourth largest e-commerce market. Driven by the coronavirus pandemic, e-commerce has soared to account for 35.8% of the retail market in 2020 compared with 28.6% in 2019, according to Euromonitor data.

Shinsegae and Naver formed a retail and e-commerce partnership in March by taking stakes worth 250 billion won in each other’s affiliates.

($1 = 1,117.7000 won)

 

(Reporting by Joyce Lee; Editing by Edwina Gibbs)

Continue Reading

Tech

Canada launches long-awaited auction of 5G spectrum

Published

 on

Canada launches long-awaited auction of 5G spectrum

Canada is set to begin a hotly anticipated auction of the mobile telecommunications bandwidth necessary for 5G rollout, one that was delayed more than a year by the pandemic.

The 3,500 MHz is a spectrum companies need to provide 5G, which requires more bandwidth to expand internet capabilities.The auction, initially scheduled for June 2020, is expected to take several weeks with Canadian government selling off 1,504 licenses in 172 service areas.

Smaller operators are going into the auction complaining that recent regulatory rulings have further tilted the scales in the favour of the country’s three biggest telecoms companies – BCE, Telus and Rogers Communications Inc – which together control around 90% of the market as a share of revenue.

Canadian mobile and internet consumers, meanwhile, have complained for years that their bills are among the world’s steepest. Prime Minister Justin Trudeau’s Liberal government has threatened to take action if the providers did not cut bills by 25%.

The last auction of the 600 MHz spectrum raised C$3.5 billion ($2.87 billion) for the government.

The companies have defended themselves, saying the prices they charge are falling.

Some 23 bidders including regional players such as Cogeco and Quebec’s Videotron are participating in the process. Shaw Communications did not apply to participate due to a $16 billion takeover bid from Rogers. Lawmakers and analysts have warned that market concentration will intensify if that acquisition proceeds.

In May, after Canada‘s telecoms regulator issued a ruling largely in favour of the big three on pricing for smaller companies’ access to broadband networks, internet service provider TekSavvy Inc withdrew from the auction, citing the decision.

Some experts say the government has been trying to level the playing field with its decision to set aside a proportion of spectrum in certain areas for smaller companies.

Gregory Taylor, a spectrum expert and associate professor at the University of Calgary, said he was pleased the government was auctioning off smaller geographic areas of coverage.

In previous auctions where the license covered whole provinces, “small providers could not participate because they could not hope to cover the range that was required in the license,” Taylor said.

Smaller geographic areas mean they have a better chance of fulfilling the requirements for the license, such as providing service to 90% of the population within five years of the issuance date.

The auction has no scheduled end date, although the federal ministry in charge of the spectrum auction has said winners would be announced within five days of bidding completion.

($1 = 1.2181 Canadian dollars)

 

(Reporting by Moira Warburton in Vancouver; Editing by David Gregorio)

Continue Reading

Trending