Advance’s subsidiary American City Business Journals previously held a minority interest in TEO.

Earlier this month, Advance acquired a majority stake in esports analytics firm Newzoo.

This marks the first exit for a company in the BITKRAFT Esports Ventures network.

American media company Advance Publications has completed its acquisition (official press release) of esports business news and data outlet The Esports Observer (TEO). Advance subsidiary American City Business Journals , publisher of SportsBusiness Journal, had previously acquired a minority stake in TEO. Financial terms of the deal were not disclosed.

“Since our original investment in The Esports Observer last year, TEO has been key to helping us and our audience gain a better understanding of the broader esports business,” said Whitney Shaw, CEO and co-founder of SportsBusiness Journal. “We see significant long-term potential in esports, and TEO helps us serve professionals in the business of esports, just as we’ve served traditional sports executives for more than 20 years.”

[perfectpullquote align=”right” cite=”” link=”” color=”” class=”” size=””]This is the second esports-related acquisition for Advance this month.[/perfectpullquote]

This is the second esports-related acquisition for Advance this month. The company has also acquired a majority stake in gaming analytics firm Newzoo . The acquisition allows TEO to directly collaborate with Newzoo as well as Advance’s sports business events company Leaders. “We have no doubt that this acquisition will lead to accelerated growth, faster global expansion and significant opportunities for collaboration,” said The Esports Observer CEO Chris Hana. “I look forward to working with this team going forward to take TEO to the next level.”

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TEO was founded in 2015 as part of the BITKRAFT Esports Ventures network. BITKRAFT is an esports business incubator founded by former ESL CEO Jens Hilgers. Its investment portfolio also includes esports clothing brand H4X and digital trading card platform Epics . TEO’s acquisition marks the first exit for a BITKRAFT portfolio company.

“The Esports Observer was one of our first incubation projects in BITKRAFT,” said BITKRAFT founding partner Jens Hilgers. “We built the company to solve a specific pain-point in our industry: the lack of a central credible source for esports business news and insights. We were convinced that this was a real need and addressing it we could also accelerate the growth of the industry at large. Just three years in the making we have succeeded in the mission we set for ourselves and we are very excited to be selling this great asset to a leading North American publisher and operator in the sports and media space.”

Advance also owns a wide range of media companies, including magazine and digital content conglomerate Condé Nast, which operates publications such as Vogue, Vanity Fair, The New Yorker, and Wired. It also has significant investments in Reddit and broadband communications company Charter Communications.