Esports giant ESL is now in the hands of a Swedish traditional media powerhouse

One of the biggest esports companies in the world is under new ownership.

MTG, a multimedia conglomerate that operates out of Sweden, has just spent approximately $87 million to acquire a 74 percent stake in Turtle Entertainment, the parent company of esports organization ESL. This is one of the biggest deals in this sector, and it’s the first time a traditional entertainment company has bought into the competitive-gaming market. With that industry on the rise and expected to generate $465 million in revenue by 2017, it was just a matter of time before outside media companies wanted a piece of the action.