Update (10:10pm ET): Forgot to add "rumor" to title.
So I didn't expect this. According to eSports Observer, MLG has basically been liquidated to Activision Blizzard for $46 million USD. Neither company has confirmed the report. The source is a leaked letter that was allegedly sent to stockholders, many of whom, if the rumors are true, were not informed prior to the sale. That's kind-of crappy.
We will probably hear this story evolve, if true, over the next couple weeks. The organization was said to have been running on a substantial amount of debt, relative to the company's size, for quite some time. If the organization shuts down as it seems it will, then many investors will probably get next to nothing.
On the other hand, it is interesting to see what Activision Blizzard will do with their acquisition. The publisher holds several popular spectator titles, such as Call of Duty, StarCraft, Hearthstone, Heroes of the Storm, World of Warcraft, and soon to be Overwatch. I doubt that the company would roll their games into their own eSport service, especially as they are growing closer to rival ESL, so I would have to expect that these “assets” will be used to support (or leverage control) over third-party broadcasters and/or leagues.