Swedish media corporation The Modern Time Group (MTG) acquires the publisher of mobile and social games Kongregate for $55 million.
“Our values are honesty, cooperation and, most importantly, pleasure. MTG shares our views and willingness to help indie developers create new game content for all gaming platforms,” said Emily Greer, head and co-founder of Kongregate.
MTG expects Kongregate to pay off almost completely for the current year, earning about $50 million.
Kongregate’s publishing model includes a revenue-sharing agreement with developers, and now MTG plans to acquire additional studios that will help attract a large audience through the Kongregate platform.
In May 2017, MTG for €82.6 million brought to 51% ownership of InnoGames, a company specializing in online games.
Kongregate has 14 million active users, more than 100,000 browser games and 45 mobile titles.
Also on the topic: