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Gray TV Makes $28.5 Million Bet on Envy Gaming

Gray Television
(Image credit: Gray Television)

Gray Television said it has invested $28.5 million in Envy Gaming as part of Envy’s $40 million investment round.

Founded in 2007, Envy Gaming operates eSports leagues and teams and has a network of content creators. Musician Post Malone last year joined Envy Gaming’s ownership group.

“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 Gray CEO Hilton H. Howell Jr.

Gray is one of the largest TV station owners with about 160 Big Four broadcast network affiliates. It will get two directors on Envy Gaming's board

Both Gray and Envy Gaming are based in Dallas, and many of Envy’s owners are in Texas, including Ken Hersh, a minority owner of the Texas Rangers.

Envy owns and operates the world champion Dallas Empire team in the Call of Duty League, the Dallas Fuel team in the Overwatch League, and the Team Envy franchise that competes in Halo, Rocket League, Super Smash Bros, Valorant and other games.

“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.”