In an press release by MLG today, it was announced that the organization had secured around $10 Million in funding from Legion Legion Enterprises (www.legionblog.com), a private equity firm that invests in, acquires and develops companies appealing to the 16-24 year old male demographic of digital mavericks.
With the increase in required funding by MLG, gamers are forced to consider the financial stability of the organization in terms of revenue. With this addition, Oak Investment Partners now invests over $52 Million. The Legion investment is expected to be completed in the first quarter of 2011.
Below is the official release from MLG:
New York – December 20, 2010 – Major League Gaming (MLG), the world’s largest professional video game league and largest provider of cross-platform online videogame competition today announced an initial close in a $10 million financing commitment to be completed in Q1 2011. The investment was led by Legion Enterprises (www.legionblog.com), a private equity firm that invests in, acquires and develops companies appealing to the 16-24 year old male demographic of digital mavericks. Legion’s investment strategy is focused directly on a demographic group it deems to be the first in a wave of digital natives which drives the firm to make investments across four key verticals: music, sports, video games and over-the-top television. Oak Investment Partners, MLG’s primary institutional investor, joined Legion to fuel MLG’s rapid globalization and development of extensive consumer and social media offerings. The investment will bring MLG’s total funding raised to $52.5 million.
MLG’s continued growth online and in live events, ongoing success in securing global sponsors and worldwide media partnerships, and strategic acquisitions have bolstered its position as the dominant competitive video game property and made it an attractive investment property. MLG now reaches roughly 4.5 million consumers each month online, produces thousands of videos per year, and reaches more than 600,000 unique viewers per live broadcast of each weekend event during the Pro Circuit competitions. To augment the online experience for its growing community, MLG recently unveiled a freshly designed majorleaguegaming.com and will roll out extensive social networking and video capabilities over the coming months.
“At MLG we are dedicated to providing our community with the ultimate competitive video game experience both on and offline,” said Sundance DiGiovanni, CEO and co-founder, MLG. “Over the last eight years we have set out to build competitive gaming into a global, cross-platform business and thanks to investments from companies like Legion Enterprises and Oak Investment Partners, that vision is well on its way to becoming a reality.”
MLG enables a large and growing community of fans and a roster of top sponsors to connect with and celebrate the approximately 40 million consumers in North America who have a passion for playing video games as a competitive social activity. Over 95% of these viewers are male and under 30, making MLG’s live tournament broadcasts three to six times larger in the 12-34 male demographic than nearly every primetime cable property including national broadcasts of traditional, regular season sports.
Over the past few years, MLG has made strategic investments that continue its advancement in the competitive video game space including GameBattles, which is now the largest online destination for competitive console and PC gaming featuring tournaments, ladders, forums and Agora Games, the game tech company that powers online communities for some of the most popular video game franchises including “Call of Duty,” Guitar Hero,” “Transformers,” “Dance Dance Revolution,” and “MAG.” Agora technology currently tracks game-play statistics for more than 40 million gamers around the world.
About Major League Gaming
Founded in 2002, Major League Gaming (MLG) is the dominant media property exclusively targeting the approximately 40 million consumers in North America who have a passion for playing video games as a competitive social activity. The company exclusively represents the best professional gamers and gives millions of aspiring gamers around the world an opportunity to compete, improve their skills, and socialize through our thriving online competitive community and live Pro Circuit competitions. For more information: www.majorleaguegaming.com.
About Legion Enterprises, LLC
Based in New York City, Legion Enterprises LLC is a private equity firm that invests in, acquires and develops companies that create digital products appealing to the 16-24 year old male demographic of digital mavericks. With a rooted knowledge of the target audience and strong grasp on the evolving digital space, Legion’s seasoned executive team plays a leadership role and oversees the development and success of each investment. The focused portfolio of companies and offerings cross four key verticals: music, sports, video games and over-the-top television and currently include: Legion Networks, an array of digital products and programming available on myriad platforms and devices, including a series of original video slated to launch in 2011; and ShapeMix Music LLC (www.shapemix.com), a Boston based developer of mobile music applications including the ShapeMix music mixing app slated to launch in January 2011. For additional information visit: http://www.legionblog.com, http://www.legionnetworks.com and http://www.twitter.com/legionnetworks.
More information about the announcement can be found by clicking here.