Modern Times Group, a Swedish entertainment company, has agreed to allow its subsidiary studio Kongregate to be acquired by Monumental, an indie game developer and publisher based in the United States. Monumental, which was established in 2020, has quickly expanded its gaming portfolio and now operates games such as Mythgard, Crowfall, and Storm Wars.
The acquisition will merge Kongregate’s games, which include titles like Toss the Turtle, Burrito Bison Revenge, and Dino Storm, with Monumental’s existing portfolio, resulting in a combined catalogue of over 40 games. Monumental will fully integrate Kongregate and its CEO Monty Kerr will oversee the operations of both studios, leveraging their expertise in traditional mobile gaming.
Kerr expressed enthusiasm for the acquisition, stating, “We are overjoyed to welcome Kongregate into the Monumental family. We can’t wait to see what comes next, and we’re incredibly excited to be part of Kongregate’s future.” The financial details of the acquisition will be disclosed in the Q1 report of Modern Times Group.
Even after the acquisition, Modern Times Group will retain a 30% shareholding in the joint entity. Maria Redin, the president and CEO of Modern Times Group, expressed her satisfaction with the deal, remarking, “We are happy to have found the right home for the next chapter in Kongregate’s journey. Monumental has a strong track record of managing and growing games, and we are convinced that combining the two portfolios is the right step forward. I wish the teams the best of luck as they now begin their journey together.”
The sale of Kongregate follows a weaker Q4 performance by the parent company, Modern Times Group. While the company saw an increase in sales, it attributed this growth to a different subsidiary, PlaySimple, offsetting lower revenues from Kongregate and Hutch. The future direction of Kongregate’s blockchain and NFT ambitions remains to be seen, but the company has recently made significant advances in AI.
