MTG agrees to sell Kongregate to Texas studio Monumental

Modern Times Group (MTG) is combining web-portal-turned-mobile-developer Kongregate with U.S. studio Monumental and taking a 30 percent stake in the joint entity.

MTG purchased Kongregate from GameStop back in 2017 for $55 million and said it wanted to bolster the company with future acquisitions.

It made good on that promise with the purchase of mobile title Surviv.io, Animation Throwdown developer Synapse Games, and the launch of digital games platform Kartridge—the latter of which was scrapped last year.

Now, as spotted by PocketGamer.biz, MTG has struck a deal that will enable Texas-based studio Monumental to acquire Kongregate. MTG will then purchase a 30 percent stake in the newly combined company for an undisclosed fee.

"We are happy to have found the right home for the next chapter in Kongregate's journey," said MTG group president Maria Redin in a press release. "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."

Monumental is known for working on titles like Looty Dungeon, Mythgard, and Crowfall. The studio is led by CEO Monty Kerr, who said the company is "overjoyed" with the deal. "We can't wait to see what comes next, and we're incredibly excited to be part of Kongregate's future," added Kerr.

According to the Kongregate website, the company currently has over 110 employees and has generated 250 million downloads through its roster of games.

The blurb also notes that Kongregate remains interested in "expanding into blockchain and NFT games via its Bitverse Universe and Blood Vessels [projects], working towards an integrated gaming experience that allows players to become owners of their gaming journey."