This story was written by Tameka Kee.
Correction: In an earlier post, we reported that pro gaming league Major League Gaming (MLG) had raised an additional $3.5 million in funding. Our story was incorrect. CEO Matt Bromberg says the $3.5 million figure in the SEC filing was a reference to the stock portion of MLG’s recent acquisition of Agora Games. The deal was a combination cash/stock purchase; Bromberg declined to disclose the full price.
As it stands, MLG has raised $42.5 million in funding to date. Part of the reason the company has attracted so much investment—and has continued to thrive while its rivals have shut down—is that the pro-gaming league has been brokering six- and seven-figure sponsorship deals with brands like Dr. Pepper. Its newest deal is with Doritos.
The snack-maker is backing the Doritos MLG Skills Combine, an event that will let amateur gamers compete for a chance to be part of one of MLG’s professional teams. (Pro players in the top 10 can make upwards of $100,000 annually—so yes, there’s real money to be made). Parts of the competition will be featured online and on VOD, through partners like ESPN360.com; the deal also includes co-branded product labeling in grocery stores.
By Tameka Kee