Scandinavian digital entertainment company Modern Times Group (MTG) increased its investment in ESL’s parent company Turtle Entertainment, it was reported by The Esports Observer.
According to the report, the conglomerate paid $17 million (£13 million) to take its shares from 74% to 82.48%. The company was set to merge with Danish Telecoms back in February, the deal was cancelled and the Scandinavian conglomerate announced its intention to divide its operation between two groups.
MTG now handles everything esports related, as well as digital video content. The company is listed as the sole owner of gaming festival organizer DreamHack, and investor in online competitive gaming league ESEA
Nordic Entertainment Group, created back in July, is taking care of the rest of the company’s previous ventures. Both companies are being traded in the market.
Back in March, regarding the split of the company David Chance, MTG chairman said: “[The time was right] to initiate a split of MTG into two separate and listed companies, in order to maximize the focus and potential of each group for the benefit of owners, customers, and employees.”
Jørgen Madsen Lindemann, CEO at MTG said: “[MTG is] the only publicly traded, pure-play e-sports, online gaming and digital video content company in the Western hemisphere.”
MTG is a powerhouse that has successfully taken esports into the global mainstream. The company is already enjoying the benefits from its bold moves, MTG reported a 41% revenue increase for Q2 2018.
Esports Insider says: MTG is a well-established company that is taking esports to the masses. Dividing the company only gives them more opportunities to focus on the esports market. MTG should be seen as an example of the potential esports has to offer.