Activision Blizzard, Inc. (NasdaqGS:ATVI) acquired certain assets of Major League Gaming, Inc. for $46 million in cash on December 21, 2015. The consideration consists of $31 million paid to or on behalf of Major League Gaming, or used to discharge certain liabilities of Major League Gaming and was paid on December 22, 2015 and the remaining $15 million is being held in escrow and is subject to potential claims for indemnification. Under the terms of the agreement, Major League Gaming retained its subsidiary Agora Games, LLC as well as cash, cash equivalents and bank accounts, and certain other specified assets and substantially all liabilities. Major League Gaming will change its name to MLG Legacy Holdings, Inc. Chief Executive Officer Sundance DiGiovanni has been removed from his role and replaced by Greg Chisholm, Major League Gaming's former Chief Financial Officer. Net proceeds from the purchase will be allocated to shareholders of Series A Common Stock, Series B Common Stock, Series A Preferred Stock and certain vested options to acquire Series A Common Stock of Major League Gaming. The Board of Directors and the shareholders of Major League Gaming approved the transaction. Jon Oram of Proskauer Rose LLP acted as legal advisor for Major League Gaming.

Activision Blizzard, Inc. (NasdaqGS:ATVI) completed the acquisition of certain assets of Major League Gaming, Inc. on December 21, 2015.