Major League Gaming (MLG) is no more. Activision have bought up most of the company's assets for the sum of $46 million following a board of directors meeting on December 21.
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This sale was done without the consent of all of the stockholders, allowed under Section 228(e) of the Delaware General Corporation Law, as reported by E-sports Observer.
MLG's former CEO Sundance DiGiovanni has also been removed from his role and replaced by Greg Chisholm, MLG’s former CFO.
As for the stockholders who didn't agree to the sale, there's not much they can do but stand and stare, as it seems much of the money from the sale will go towards paying off MLG's considerable debts. As one anonymous stockholder told E-sports Observer: "I got fucked on stock."
MLG was founded over a decade ago, in 2002. It started out hosting Call of Duty and Halo events before becoming a major player on the PC scene.
What this sale means for MLG's 15,000-seat Chinese stadium, which is currently under construction, remains to be seen.
With Activision creating their own e-sports division recently, it looks like the company will just use the assets to build its own name as a big player on the e-sports scene. MLG, as we know it, is finished.