Richard 'Faze Banks' Bengtson has secured a 25.5% ownership interest in Faze Media

Richard 'Faze Banks' Bengtson has taken a 25.5% ownership stake in Faze Media, a company dedicated to content creators.

Bengtson now controls 31% of the company, while GameSquare, the previous primary shareholder, retains a dominant share to maintain "stability and continued growth," per the statement.

Bengtson played a key role in establishing Faze Clan, debuting in 2010. GameSquare acquired Faze Clan in October 2023 for $18.5 million after its public debut valued it at $725 million. February 2023 saw the company reduce its workforce by 20%.

Despite the acquisition, Faze Clan kept its independence under GameSquare’s umbrella, with Bengtson as CEO. The company rolled out Faze Media recently, with Bengtson at the helm. Initially, GameSquare held 51% ownership, while Matt Kalish, DraftKings co-founder, invested $11 million for a 49% stake.

Bengtson remarked: "We've always seen vast potential in Faze Clan, and with control back, our commitment to reaching new heights is unwavering. This isn't solely a business shift—it’s about reigniting our core vision and pushing forward with the passion and creativity that made Faze a worldwide phenomenon."

He continued: "We are so confident in Faze Clan’s future that we're investing our own capital and will continue building with GameSquare and Kalish, who share our vision."

GameSquare CEO Justin Kenna described the move as a "win-win," stating, "Since acquiring Faze Clan in March 2024, our strategy has centered on reenergizing the brand by reinstating its original founders in impactful roles. With Matt Kalish’s direct investment in Faze Media, we've structured the new venture as a creator-led IP and media entity.

Today's development enforces this direction by giving Faze Media's creators a substantial interest in the business, thus aligning the brand’s success with its founders."