Swedish media giant Modern Times Group (MTG) is to acquire a majority stake in Turtle Entertainment, operator of the eSports league and tournament organiser ESL for €78m.

MTG will acquire 74 per cent of Turtle Entertainment for €78m in cash, with the company’s founders retaining a 26 per cent share.

The investment is described as in-keeping with MTG’s strategy to complement its on-demand video entertainment services by investing in fast-growing digital companies with “relevant and scalable communities and content.”

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