Short news

iChess acquired by Play Magnus

18 Nov 2020

The US chess video publisher iChess becomes part of the Play Magnus Group for an undisclosed sum. A library of 1000+ instructional videos in English and Spanish, strengths in search engine optimization and online marketing and an annual $ 800,000 turnover are cited as motives. Gerald Tan has been appointed by Play Magnus as Chief Product Officer. Felipe Longé stays on board as Head of Product and Engineering. The first quarterly report since going public six weeks ago quotes for the first nine months of 2020 revenues of $ 4,952,265 and losses of $ 2,862,160. Biggest shareholders are with 9,5% each the personal company of Magnus Carlsen and LT Holdings, owned by chess24 founders Enrique Guzman and Jan Gustafsson, followed by Morgan Stanley with 8,8%. Recently, a shareholder meeting enabled the board to buy back up to 10% of the shares on behalf of the company.