We're thrilled to announce the return of GamesBeat Next, hosted in San Francisco this October, where we will explore the theme of "Playing the Edge." Apply to speak here and learn more about sponsorship opportunities here. At the event, we will also announce 25 top game startups as the 2024 Game Changers. Apply or nominate today!

Modern Times Group has reportedly sold ESL Gaming, its esports organization, to Savvy Gaming Group for $1 billion, according to the German news site Handelsblatt. ESL Gaming operates some of the biggest esports tournaments in the world, most notably ESL One.

Savvy Gaming Group is backed by the Saudi Arabian government’s Public Wealth Fund. The same fund recently purchased the Newcastle United football club.

ESL Gaming formed in 2020 from the merger of ESL and Dreamhack, both of which were owned by MTG at the time. Craig Levine and Ralf Reichert, co-CEOs of ESL, became co-CEOs of ESL Gaming. Both were major event operators in the space.

Other major esports tournament organizers include Major League Gaming, Gfinity, and Blast Premier. However, none are as big as ESL Gaming, especially once the aforementioned merger took place.

GamesBeat's creed when covering the game industry is "where passion meets business." What does this mean? We want to tell you how the news matters to you -- not just as a decision-maker at a game studio, but also as a fan of games. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about the industry and enjoy engaging with it. Discover our Briefings.