Just weeks following the announcement of its plans to create an esports division, Activision Blizzard acquired live esports organizer Major League Gaming for $46 million.

Activision Blizzard reportedly paid a sum of $46 million in order to acquire majority the assets of Major League Gaming, which is also scheduled to be taken down soon.

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The latest acquisition from Activision Blizzard is part of the company's plan of creating a larger broadcast network with major focus on competitive gaming or esports. The company claims that it is planning to create the "ESPN of esports."

Esport's unprecedented surge to mainstream popularity has led many market analysts to believe that the industry can grow to at least $465 million by the end of 2017. Despite being nascent for a very long time, the recent entry of a major gaming company into the foray could is a sign that the industry will continue to grow in the years to come.

According to Esports Observer, Activision Blizzard paid $31 million in cash and the remaining $15 million is subject to other conditions. Both Activision Blizzard and Major League Gaming denied to disclose insider information about the deal.

Activision Blizzard has been busy in developing is esports media platform. The company hired former MLG presider Mike Sepso in October 2014. Following the recent acquisition, Sepso will be reunited with his former colleagues.

In a statement acquired by Venture Beat, Sepso said, "We are really at an interesting inflection point for esports as a mainstream activity. Having the combined resources of Activision Blizzard and MLG is a tremendous opportunity for us to move the whole industry forward."