Activision Blizzard is said to have "substantially" acquired majority of MLG's assets.
Major League Gaming or MLG, a professional eSports organization that hosted many eSports events and international eSports tournaments, reportedly is now owned by gaming company, Activision Blizzard, which is famous for bringing four, big video game titles like "Call of Duty" and "World of Warcraft." According to eSports Observer, during a special meeting held Dec 21, the MLG Board of Directors authorized an Asset Purchase Agreement that entitled Activision Blizzard to almost the entirety of the MLG business for $46 million.
Asset Purchase Agreement just spelled the end of MLG, as we know it. 2015, is said to have been a tough year for MLG, as rival company ESL rose to become the show runner for a "Call of Duty" tournament series, according to eSports Observer. "Call of Duty" events, along with "Star Craft" tournaments have been the company's bread and butter for years.
Moreover, it was reported that $31 million of the cash purchase price was intended to pay off MLG's debts while the remaining $15 million will be held in escrow for any untoward claims. It appears that little will be left, if any, for the shareholders. The changes arising from the sale of the company also included Sundance DiGiovanni's step down as MLG CEO while Greg Chisholm, MLG's former CFO, steps in to replace him. In addition, MLG corporation will be renamed MLG Legacy Holdings, Inc.
According to GameSpot, back in October there have been talks that Yahoo was buying MLG. A source then told GameSpot that Yahoo was not buying MLG, although a meeting had occurred involving Yahoo and MLG. In another news, earlier this year, Activision Blizzard also reportedly bought "Candy Crush" maker King Digital Entertainment for $5.9 billion.
At this point, it is yet unclear what plans Activision Blizzard have for MLG's assets, whether or not the company will continue what MLG has always been known for.