Swedish media company Modern Times Group (MTG) has acquired games portal Kongregate from GameStop.
The US retailer acquired the company in 2010, but has now parted ways with a payment of $55m. Kongregate currently boasts around 14m monthly active users across its extensive library. It employs around 80 people.
MTG also owns eSports brands ESL and Dreamhack.
My brother Jim and I co-founded Kongregate in 2006 with a mission to help independent game developers succeed, building out an open platform for browser games, with fair treatment and monetization for developers, and lots of social features for players,” co-founder Emily Greer said.
GameStop has been a great parent company, and we've flourished under their management, growing every single year. However, as both companies' strategies continued to evolve, we began to consider whether a different structure might accelerate our growth even further.
As those strategic discussions evolved, MTG emerged as our preferred partner. They share our values and support our mission to nurture the growth of independent game developers and player communities. They are excited about our direction and are uniquely positioned to support us as we continue to push into new and exciting areas of the gaming industry.”
Greer said that the change will accelerate Kongregate's investments and allow it to expand its Steam portfolio and first party development.
We deeply appreciate GameStop's support for us and confidence in our vision over the last seven years, and we look forward to even more growth with MTG in the years to come,” she added.