#Acquisition

Aream & Co: games M&A reaches $57.8bn in Q3, including EA's $55bn leveraged buyout

Aream & Co reports that games industry M&A totaled $57.8bn in Q3. The figure includes EA's $55bn leveraged buyout.

Aream & Co: games M&A totals $57.8bn in Q3, including EA's $55bn leveraged buyout

Investment bank Aream & Co reports 54 games industry M&A deals worth $57.8 billion in the third quarter, including the $55 billion leveraged buyout of Electronic Arts completed on August 5. Content-focused M&A accelerated, with 18 control deals for developers and publishers above $100 million year-to-date, concentrated in Asia, including Alibaba's sale of Lingxi Games to Trustar Capital, Netmarble founder Bang Jun-hyuk's $270 million purchase of Tencent's stake, and Sony Music Entertainment's $180 million minority stake in GungHo. Public market revenue rose 122% year-on-year to $1.3 billion across 13 deals, while console revenue fell 12% to $14.1 billion, with Nintendo down 18%, Xbox 10% and PlayStation 9%.

Undead Labs boss discusses layoffs and employee ownership after leaving Xbox

Undead Labs studio boss Philip Holt said he is reluctant to share how many employees the studio lost as it became independent of Xbox, saying he would hate to reduce the impact on those individuals to a number or statistic. To gain independence, Holt set up a corporate entity called Full Measure that makes all employees shareholders, and said he submitted a management-led buyout offer that Microsoft thought was a good idea. Undead Labs was one of five studios divested in the initial round of Xbox layoffs, which affected 3,200 employees.

Former Activision CEO Bobby Kotick joins Skydance board

Former Activision CEO Bobby Kotick has joined the board of Skydance, the company formed by merging Warner Bros. into Paramount, as one of 13 board members, with former UK prime minister Tony Blair joining as an advisor. The merger also combined the two companies' games divisions, now led by Tony Driscoll, whose franchises include Mortal Kombat, Mission Impossible, Avatar and Hogwarts Legacy 2. Kotick stepped down as Activision CEO after Xbox's $68.7bn acquisition in 2023, and he continues to deny claims in a Wall Street Journal report about his knowledge of sexual-misconduct allegations.

Paramount Skydance completes $110 billion acquisition of Warner Bros. Discovery

Paramount Skydance has formally completed its acquisition of Warner Bros. Discovery, with the combined company renamed Skydance and its stock moving from Nasdaq to the New York Stock Exchange under the ticker SKYD. The all-cash deal carries an equity value of $81 billion and an enterprise value of $110 billion, with shareholders receiving $31.01666668 per share in cash. Studios including Rocksteady, NetherRealm, TT Games, Avalanche Software and WB Games Montreal now fall under Skydance, and it has not been announced whether they will be folded into Paramount's own games division.

Fireshine Games acquires Necesse developer Fair Games

Fireshine Games has acquired Danish indie studio Fair Games and its open world sandbox title Necesse. Fair Games founder and CEO Mads Skovgaard stays on as managing director and the studio keeps leading the game's direction and updates, while Fireshine handles publishing and porting. Necesse first launched in 2019 and has drawn an estimated 2.5 million players, with plans for continued PC support and additional platform ports.

Fireshine Games acquires Necesse developer Fair Games

Fireshine Games has acquired Fair Games, the developer of Necesse and a Danish indie studio. The deal was described as a defining moment for the studio.

Former Activision Blizzard CEO Bobby Kotick joins Skydance's board

Former Activision Blizzard CEO Bobby Kotick has joined Skydance's board as an independent director. Skydance, formed by Paramount's acquisition of Warner Bros Discovery, owns gaming operations including Paramount Games and Warner Bros Games, which a Variety report says will be merged into a single entity. Kotick left Activision Blizzard at the end of 2023 after Microsoft completed its acquisition, following a California lawsuit over workplace misconduct that ended in a $54 million settlement on pay and promotion inequity claims and $47 million set aside for gender discrimination accusations.

Paramount completes Warner Bros. Discovery acquisition as Skydance names former Activision Blizzard CEO Bobby Kotick to its board

Paramount's $111 billion acquisition of Warner Bros. Discovery has been finalized, with the combined company taking the name Skydance. Its games division, called Games and Experiences, merges Paramount Games Studio with Warner's internal teams including Avalanche Software, NetherRealm Studios, Rocksteady, TT Games, WB Montreal and WB Boston, and will be led by Tony Driscoll. The board includes former Activision Blizzard CEO Bobby Kotick and Emerson Collective founder Laurene Powell Jobs, with former UK Prime Minister Tony Blair serving as an advisor.

Paramount Games Studio and Warner Bros. Games to merge into one games division after Paramount's Warner Bros. acquisition

After Paramount's acquisition of Warner Bros., Paramount Games Studio and Warner Bros. Games will merge into a single combined games division. The item comes from a Reddit r/Games post and gives no timeline, structure, or affected titles.

EA's leveraged buyout faces a bondholder battle

After completing its acquisition by Saudi Arabia's Public Investment Fund, Silver Lake, and Affinity Partners, Electronic Arts still faces creditors over previously issued bonds. The consortium borrowed $20 billion from JPMorgan as leveraged debt, which could weaken EA's credit profile and cost it its investment grade rating. According to The Wall Street Journal, one group of bondholders is seeking 101 percent repayment on two $750 million tranches totaling $1.5 billion, while EA is converting its bonds into assets resembling U.S. Treasury securities by splitting principal and interest.

Bobby Kotick, Former Activision CEO, Joins Skydance Board of Directors

Former Activision-Blizzard CEO Bobby Kotick is joining the board of directors at Skydance, alongside investor Laurene Powell Jobs. The appointment follows Paramount's completed takeover of Warner Bros. as part of their $111 billion merger. Kotick led Activision-Blizzard until the end of 2023, when its acquisition by Microsoft was completed.

Paramount Games Studio and Warner Bros. Games to merge into one unit under Skydance, overseen by Tony Driscoll

Paramount Games Studio and Warner Bros. Games will merge into a single unit under Skydance, overseen by Tony Driscoll. The merger follows the completion of a $111bn acquisition.

Paramount Games Studio and WB Games merge under Skydance after $111bn acquisition closes

Paramount has completed its $111 billion acquisition of Warner Bros. Discovery, with both companies now operating under the Skydance name. According to a memo obtained by Variety, Paramount and WBD's games and experiences divisions will merge to oversee projects based on both companies' IP, led by Paramount Games Studio president Tony Driscoll. Paramount Games Studio was established this summer and is led by EVP and head of games Dan Prigg, combining Paramount's IP with Skydance Interactive and Skydance New Media.

Former Activision Blizzard CEO Bobby Kotick joins Skydance board as Paramount Games Studio merges with Warner Bros. Games

Bobby Kotick has been named to the board of the newly formed Skydance Corp., which now controls both Paramount and Warner Bros., though no direct management role in either company's gaming divisions was announced. Skydance confirmed that its recently announced Paramount Games Studio will merge with Warner Bros. Games, with the combined division reporting to Tony Driscoll. Big projects in the works include Hogwarts Legacy 2 and a new Batman: Arkham-style game from Rocksteady Studios.

Undead Labs leaves Xbox to become employee-owned, explains early State of Decay 3 reveal

State of Decay 3 developer Undead Labs has left Xbox Game Studios to become an independent, employee-owned studio. Studio boss Philip Holt told The Game Business that nothing went wrong, and that he proposed a management-led buyout which Microsoft accepted, since the studio was close to revenue and could raise the remaining funds for State of Decay 3 itself. He also said the game was announced back in 2020 partly to keep the project and studio on Microsoft's radar during its acquisition spree of publishers like Bethesda and Activision Blizzard, with a small team working on it since then.

Skydance merges Paramount and Warner Bros. game studios into one unit

After Paramount's $111 billion acquisition of Warner Bros. Discovery, Warner Bros. Interactive will merge with the newly formed Paramount Games Studio to oversee projects based on Skydance's newly acquired IP library, including Avatar: The Last Airbender, South Park, Mortal Kombat, Game of Thrones, Star Trek and DC Comics IP. The new division will be led by Tony Driscoll, president of games and experiences at Skydance, and will house studios such as Avalanche Software, NetherRealm Studios, Rocksteady Studios and TT Games. It remains unclear what the division's future plans are or how hard it will be hit by layoffs.

Paramount and Warner Bros. combine game divisions after $110bn Skydance merger

Paramount and Warner Bros. have combined their video game divisions after completing their $110bn merger, with the new company to be known as Skydance. The newly formed Paramount Games Studio will be merged with Warner Bros. Games' internal developers, including Avalanche Software, NetherRealm Studios, Rocksteady Studios, TT Games, and the WB Games teams in Montreal and Boston. Paramount Games Studio boss Tony Driscoll will lead the merged games operation, according to Variety.

Same story, shown on the selected item Paramount Games Studio and Warner Bros. Games to merge into one unit under Skydance, overseen by Tony Driscoll

Paramount completes $111bn Warner Bros. Discovery merger, companies now operate as Skydance

Paramount has completed its $111 billion acquisition of Warner Bros. Discovery, and both companies now operate under the name Skydance. Skydance's announcement does not reference video games, though co-CEO Ynon Kreiz told The Hollywood Reporter there will be opportunities to develop new businesses, products, games and experiences. CEO David Ellison told staff the merger will require difficult decisions with changes and impacts, and Skydance is targeting more than $6 billion in synergy savings. Skydance now owns Warner IP including Avalanche Software and its Portkey Games label, NetherRealm, Rocksteady, TT Games, and WB Games Montreal, New York and San Francisco.

Same story, shown on the selected item Paramount Skydance completes $110 billion acquisition of Warner Bros. Discovery

Ex-Activision CEO Bobby Kotick Joins Skydance Board After WB-Paramount Merger

Former Activision CEO Bobby Kotick is joining David Ellison's board of directors at the newly named Skydance, following Paramount's completed acquisition of Warner Bros. Discovery. The appointment was disclosed in a new SEC filing, alongside philanthropist Laurene Powell Jobs, while former UK Prime Minister Tony Blair joins as a board advisor. Kotick led Activision for 32 years before stepping down after Microsoft's $69 billion acquisition.

Former Activision CEO Bobby Kotick Joins Skydance Board

Former Activision CEO Bobby Kotick joins Board of Directors for new Skydance Corp (Paramount-WB merger)

Paramount completes $111 billion acquisition of Warner Bros. Discovery, with no mention of games in the announcement

Paramount has completed its $111 billion acquisition of Warner Bros. Discovery, and the new company is now known as Skydance, but the closing announcement made no mention of video games. Warner Bros. Discovery has significant game investments, and while CEO David Ellison says he is a big gamer, what that means for the future of games at the new company is unknown. Skydance's press release highlighted plans for at least 30 high-quality theatrical films a year and a creative-first, audience-focused, tech-forward, globally scaled setup, but only referred generally to content across every entertainment vertical.

Disney President Dismisses Epic Games Buyout Rumours

Walt Disney Company president and CCO Dana Walden has dismissed ongoing rumours of an Epic Games buyout, saying "those are not the conversations we are having right now"

Disney president and CCO dismisses rumours of Epic Games buyout: "Those are not the conversations we are having right now"

Disney president and CCO Dana Walden has dismissed rumours of an Epic Games buyout, saying "those are not the conversations we are having right now." She said the two companies remain focused on upcoming launches to demonstrate the value of their partnership, following Disney's $1.5 billion equity investment in Epic in 2024. Recent collaboration promoted The Mandalorian and Grogu with a new Fortnite island, Smugglers Gambit, tied to the Millennium Falcon: Smuggler's Run ride at Disneyland.

Warner Bros. and Paramount unveil Skydance as the name of their merged company as both studios restructure

The merger between Warner Bros. and Paramount Pictures could move forward as soon as this week, with the new company named Skydance after the studio David Ellison founded 20 years ago. After 12 states threatened to challenge the deal, they appear to have settled once Ellison promised to produce 30 studio films a year. The proposed Skydance would control CNN, CBS, MTV, Adult Swim, Cartoon Network, Nickelodeon, Batman and SpongeBob SquarePants, while Warner studio heads Pam Abdy and Mike DeLuca are reportedly on the way out and James Gunn and Peter Safran are reported to remain.

Disney Says Conversations About Buying Epic Games Are Not Happening 'Right Now'

Disney president and chief creative officer Dana Walden said the company is not currently in talks to acquire Epic Games, though she described the partnership as strong with several launches planned over the next two years. Disney previously acquired a $1.5 billion stake in Epic in early 2024, and speculation about a full acquisition had persisted since then.

Disney Responds to Rumor It Could Buy Fortnite Studio Epic Games

Disney executive Dana Walden said the company is not currently in talks to acquire Epic Games, though she called the relationship a "great partnership." Disney previously invested more than $1.5 billion in Epic for an equity stake, and the two are working together on "transformational" new games with multiple launches planned over the next two years. Reports have suggested some Disney executives want to buy Epic, while others reportedly believe it would be a bad idea.

Xbox chief Asha Sharma says Xbox is not for sale amid spin-off concerns

Amid concerns that Microsoft's layoffs and restructuring are a prelude to selling or spinning off Xbox, Xbox chief Asha Sharma told The New York Times that Xbox is not for sale. The Information previously reported internal Microsoft discussions about spinning Xbox off, whether through a sale, a standalone subsidiary or a joint venture. Sharma said Microsoft's gaming business has a long way to go and that the company will take a long-term view.

Zynga reportedly almost acquired Supercell for $400m in 2012, but deal fell through following failure of OMGPop

Zynga founder Mark Pincus said on the Deconstructor of Fun podcast that he and Supercell CEO Ilkka Paananen agreed to an all-cash acquisition of Supercell for $400 million in 2012. The deal fell through after Zynga's board refused, saying it wanted him to prove he could manage what he already had, following the failure of the OMGPop acquisition. Pincus added that a year later Supercell made $500 million in net profit.

Trophy Games acquires Airport Simulator: First Class developer Playrion from Paradox Interactive

Danish studio Trophy Games has acquired Airport Simulator: First Class developer Playrion from Paradox Interactive for a €2.25 million upfront payment plus a three-year earn-out based on net revenue performance, with 30 Playrion employees joining Trophy Games. Trophy Games plans to build a new simulation game series around Airport Simulator, repeating the approach it used after acquiring Airline Manager 4 in 2021. Paradox Interactive CEO Fredrik Wester said the deal aligns its operations around developing and publishing strategy and management games primarily for PC and console.

Age of Empires developer World's Edge hit with layoffs after move to Activision

Age of Empires studio World's Edge has been hit with layoffs after its transition to Activision, with former creative director Adam Isgreen saying he and just under half the team were cut. Isgreen, a 16-year Microsoft veteran, said he was disappointed that his time with World's Edge and Age ends this way. World's Edge was among several studios affected by Xbox's restructuring, which moved it, Rare and Halo to Activision and eliminated 268 positions, while Ninja Theory is set to close and Undead Labs became independent.

Former Halo leaders respond to effective closure of Halo Studios as Xbox cuts 268 jobs

Microsoft's Xbox division cut 268 jobs across Halo Studios, other unnamed first-party studios and Xbox Game Studios management, leaving Halo Studios as a small support team while major Halo development moves to a purpose-built team at Activision. Former Halo heads Bonnie Ross and Kiki Wolfkill said on LinkedIn that Halo Studios is essentially being shut down, and one former employee said he was promoted and laid off in the same week. The changes also include the apparent closure of Ninja Theory, Obsidian moving under Bethesda, Playground and Turn 10 merging, Undead Labs going independent, and Rare, World's Edge and Halo moving under Activision.

Age of Empires studio World's Edge reportedly lost nearly half its staff in Xbox cuts and moved to Activision

Former creative director Adam Isgreen said on the Resetera forums that Age of Empires studio World's Edge lost just under half its staff in yesterday's Xbox restructuring, himself included. The restructuring moved World's Edge under Activision's control, and the initial announcement did not say whether the studio would lose staff. Isgreen, who spent over 16 years at Microsoft on projects including Ori, Minecraft and State of Decay, said he was disappointed by how his time with World's Edge and Age of Empires ended.

Xbox Lays Off 268 More People, Hands Halo Series to Activision

Xbox announced it is cutting 268 roles across its first-party studios, XGS management, and central functions, with Halo Studios significantly affected. In an Xbox Wire post titled Continuing Our Reset, Xbox content chief Matt Booty said Activision will expand its remit to World's Edge and Rare and form a new internal team to develop the next Halo title, while a small team at Halo Studios continues supporting the community and in-market games. The post also details studio reshuffles including Bethesda absorbing Obsidian, King taking on Microsoft Casual Games, and Playground and Turn 10 merging, plus divestitures in which Compulsion and Double Fine spun off, Undead Labs signed with a new publisher, and Ninja Theory and Arkane face proposed closures.

Bohemia Interactive takes minority stake in Everwind developer Enjoy Studio

Bohemia Interactive has acquired an undisclosed minority stake in Polish developer Enjoy Studio, becoming a co-owner of the studio in its first investment in a Polish developer. Enjoy Studio will keep its identity and creative independence, and its co-op FPS survival RPG Everwind entered early access on Steam in March 2026 with over 300,000 copies sold. The studio joined Bohemia Interactive's Incubator program in 2024.

Team17 owner Everplay increases stake in Wardogs developer Bulkhead, touts strong FY26 outlook

Team17 owner Everplay has increased its shareholding in Wardogs developer Bulkhead after the game surpassed one million copies following its September 10 early access launch. Everplay expects strong full-year results, with Bulkhead's Wardogs and Expression Games' Hell Let Loose: Vietnam outperforming expectations. For the six months ended June 30, 2026, Everplay reported an 8% revenue decline to £66.9 million and a 29% profit drop to £23.9 million.

Saudi Arabia's PIF reportedly weighs combining EA with Savvy Games Group

Bloomberg reports that Saudi Arabia's Public Investment Fund is considering merging Electronic Arts with its subsidiary Savvy Games Group to "ensure better coordination between its assets." Sources said merging EA into Savvy is unlikely until Savvy completes its $6 billion acquisition of Chinese mobile games company Moonton. The PIF-led $55 billion leveraged buyout of EA closed last month, making it the developer's majority owner; the PIF and EA declined to comment to Bloomberg, and a Savvy spokesperson did not respond.

Lego Digital Play acquires mobile studio Offroad Games

Lego Digital Play has acquired Offroad Games, a UK mobile studio founded in March 2025 by former Space Ape Games employees. Offroad announced the deal in a LinkedIn post, calling it "an incredibly exciting new chapter," and said financial terms were not disclosed. The studio gave no detail on how it will operate within Lego Digital Play going forward.