Video games may be a multi-billion dollar industry, it is not everyday that a smaller company gets bought out for a whopping $1 billion. However, it actually has happened.
ESL Gaming, a company that focuses on esports, was bought out by Savvy Gaming Group for $1 billion.
ESL Bought by Savvy Gaming Group for $1 Billion
What makes this news quite interesting is actually how ESL is valued. While most people would think that only those making games within the gaming industry would achieve this valuation, it is important to note that ESL Gaming is actually an esports organization and not one that creates and publishes video games for the public.
According to the story by VentureBeat, Modern Times Group reportedly sold ESL to Savvy Gaming Group for $1 billion. This was reported by the German news website known as Handelsblatt.
What is ESL Gaming Known for?
ESL Gaming is known for operating some of the largest esports tournaments in the whole world. The most notable of these esports tournaments is ESL One which involves a number of popular competitive gamers and gaming professionals.
Savvy Gaming Group is reportedly backed by the Saudi Arabian government's Public Wealth Fund. This is said to be the same fund that had just recently purchased the Newcastle United football club.
ESL Gaming Formed in 2020 by the Merger of ESL and Dreamhack
ESL Gaming was formed back in 2020 thanks to a merger of both ESL and Dreamhack. These two companies were owned by MTG during that time.
Craig Levice and Ralf Reichert, the co-CEOs of ESL, officially became the co-CEOs of ESL Gaming after the merger. Both were already known in the gaming world and the public as major event operators within the industry.
Other massive esports tournament organizers that shoutld be noted also include Gfinity, Major League Gaming, and Blast Premier. None of them, however, are arguably as big as ESL Gaming especially once the aforementioned merger happened.
What is ESL Gaming?
According to ESL Gaming's LinkedIn account, the company says that they are creating a world where everybody can become somebody. In addition, as the world's leading esports company for over two decades, they have been shaping the industry as well as leading esports and gaming innovation across a lot of popular video games.
ESL Gaming also credits themselves for creating a comprehensive ecosystem with opportunities for certain players to go from zero to hero. They have also made it possible for certain fans to be able to witness the best stories that esports has to offer.
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Known Events Under the Company
The company also states that their profile consists of a number of well-known products. These include the ESL Pro Tour, ESL Mobile, DreamHack Festivals, and much more. These products range from grassroots to global elite competitions.
ESL Gaming, as per their LinkedIn, is "part of MTG," which the company described as the leading international digital entertainment group. It should be noted, however, that this might change due to the recent acquisition.
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This article is owned by Tech Times
Written by Urian B.
