MTG closes deal for Turtle Entertainment

The Modern Times Group has finalised a deal for Turtle Entertainment, the Cologne-based e-sports specialist.

Turtle owns the ESL online games league, which is popular with online viewers. Its diet of online games leagues and competitions, which includes the ESL One and Intel Extreme Masters, has attracted over 70 million unique viewers over the last 12 months. 

MTG first announced it was buying Turtle in July. Its majority stake is being acquired from financial investors and the company’s founders for €78 million (US$86.8 million) in cash. The founders and management will retain the remaining 26% and remain in their current positions.

MTG said previously that Turtle expects to grow its revenues by 50% this year to approximately €50 million and report an EBIT profit.

Adding Turtle to the fold comes as MTG ramps up digital acquisitions and simultaneously streamlining and cutting jobs across the group. Its other recent digital deals include the acquisition of multichannel networks Zoomin.TV and Splay.

“The investments in ESL, Zoomin and Splay are a key part of MTG’s transformation as a global digital entertainer,” said Jørgen Madsen Lindemann (pictured), MTG president and CEO.

“They are in line with our strategy is to invest in relevant, complementary and scalable digital brands, content and communities, and will enable us to bring our viewers the best entertainment we can across all of our verticals.”

The news comes soon after MTG revealed it was axing around 300 jobs as part of a major cost-saving initiative.