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MTG esports gambit pays off as China’s Huya buys $30m stake

Sweden’s Modern Times Group (MTG) has bolstered its global esports ambitions by striking a deal with Chinese streamer Huya involving an exchange of equity with plans to create worldwide brands and competitions. The move in which Huya takes a $30 million minority stake in MTG’s esports company ESL (formerly Electronic Sports League), also known as Turtle Entertainment, vindicates MTG’s bold strategy in 2015 to switch focus from pay TV to esports. The acquisition then of ESL was followed eventually by divestment of the larger and more profitable media business into Nordic Entertainment, which encompasses MTG’s pay TV activities as well as its Viaplay streaming service, which have been listed separately since March 2019. Nordic Entertainment is on course for almost…

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