Metaverse content company Infinite Reality has unveiled a definitive agreement to acquire the international Drone Racing League series for $250 million.

The two organizations will now integrate their teams, while DRL’s founder and chief executive Nicholas Horbaczewski will become the Infinite Reality global president. In addition, DRL president Rachel Jacobson will become Infinite Reality’s president of global ventures and partnerships.

The transaction is expected to close in the second quarter of 2024 (by the end of June) and is subject to regulatory approvals and conditions.

Infinite Reality – headquartered in Connecticut, US – has said the deal will boost its valuation to $3.5 billion and “accelerate its efforts to elevate how consumers engage and transact with brands and content.”

The company is adding the DRL to its list of other owned properties, including spatial web design’s Ethereal Engine, and esports franchises including Team Rogue and London Royal Ravens.

Infinite Reality is planning to go public, and after several delays reportedly has a deadline of September to put a structure in place for a public offering.

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The firm's chief executive, John Acunto, said: “The future of sports and entertainment involves new and disruptive formats that are wildly more immersive. Now, with our combined assets, iR and DRL are set to usher in a new era of sports entertainment, powered by cutting-edge tech and fueled by fandom, creativity, and community.”

Horbaczewski added: “The DRL team advanced the technology, media capture, and race competition to deliver a sport of constant innovation, cultural relevance, and thrilling action. We are incredibly excited to join Infinite Reality, a company that has the vision and resources to take drone racing and our core technology to infinite heights.”

Up to this point, the DRL has received investment from “notable sports, media, and technology entities” such as RSE Ventures, Liberty Media, EXOR, ISOS Capital, WWE, T-Mobile Ventures, CAA Ventures, Lux Capital, Lerer Hippeau, Courtside Ventures, Sky, and Hearst Ventures.