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Activision Blizzard reportedly buys most of Major League Gaming’s assets for $46 million

Major League Gaming, an eSports competition and content platform, is starting of 2016 as a wholly different entity, one that’s mostly owned by Activision Blizzard, the gaming company behind franchises like Call of Duty, World of Warcraft, and StarCraft. According to a report, Activision Blizzard has acquired the majority of MLG’s assets for $46 million.

The asset purchase agreement was approved by MLG’s board of directors on December 21, according to eSports Observer. A letter was sent to stockholders the next day informing of the transaction, which took place without a stockholders’ meeting.

Related: Activision buys “Candy Crush” maker for $5.9 billion

MLG has also appointed CFO Greg Chisholm as its new CEO, replacing Sundance DiGiovanni.

This report comes after a difficult year for MLG, which filed for multiple debt financing rounds in 2015, according to eSports Observer.

In October, Activision Blizzard named former CEO of ESPN and NFL Network Steve Bornstein as the chairman of its new eSports division. Mike Sepso, who co-founded MLG with DiGiovanni, was named the division’s senior vice president.

The sale of MLG’s assets to Activision Blizzard isn’t a complete surprise. In October, Yahoo was reportedly in talks to purchase MLG, notes GameSpot.

The agreement with Activision Blizzard won’t affect the upcoming Counter-Strike: Global Offensive Major Championship in March, MLG executive vice president Adam Apicella told IGN.