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Modern Times Group Acquires Turtle Entertainment
Thursday July 2,2015 : MTG ACQUIRES MAJORITY STAKE IN GERMAN ESPORTS BUSINESS
eSports video gaming tournaments gaining in popularity.
Stockholm-headquartered entertainment firm Modern Times Group (MTG) has acquired a majority stake in German-based eSports company Turtle Entertainment who operates under its ESL brand.
The acquisition expands MTG’s eSports interests, a market it is already present in with its Viagame platform along with sports coverage across its TV channels.
MTG is acquiring the 74 percent stake from financial investors and the company’s founders for Euro 78 million in cash.
“This investment is a key milestone in our digital development. We look forward to working with the talented Turtle team to grow the global esports community, and to make this exciting content even more broadly available online and on TV,” said Jørgen Madsen Lindemann, president and chief executive officer for MTG.
“When we founded ESL 15 years ago, our goal was to bring esports to fans all around the world and establish it as a global sport. Today, esports enjoys worldwide recognition and now, together with MTG, it is time to take esports to the next level,” added Ralf Reichert, managing director of Turtle Entertainment.
The founders and management of Turtle Entertainment will reportedly continue in their current positions.
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