Inside UTA’s $230-Million Gaming SPAC: Is Hollywood Seeing a Future Beyond Movies and TV?

”Power brokers in traditional media markets are recognizing the monetary potential within gaming,“ one industry analyst says

It’s not about the dollars, but the direction: In the wake of UTA’s announcement last week of a $200 million SPAC to pursue more acquisitions in the gaming space, industry analysts see the Big Three talent agency’s move as a bright neon arrow pointing toward a new arena for Hollywood investors previously focused on traditional movie, TV and streaming content.

UTA Acquisition Corporation, a special purpose acquisition company or “blank check” company targeting businesses in the gaming, digital media, creator economy, entertainment and technology industries, announced last week that it has closed its initial public offering for $230 million. The units are listed on the Nasdaq Global Market (“Nasdaq”) and began trading under the ticker symbol “UTAAU” on December 2 (on that date, UTA announced the SPAC IPO valued at $200 million).

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Diane Haithman

Senior Entertainment Business Reporter • diane@thewrap.com • @dhaithman