GSN Games was acquired by Scopely for $1 billion.
It was announced that Scopely, a Culver City CA-based private gaming and entertainment company, signed the agreement with Sony on the 18th of October.
GSN Games was the video game division of Game Show Network, owned by Sony.
It’s reported that half of the $1 billion transaction will occur in cash, with the other half in preferred equity, which will give Sony a minority interest in Scopely.
With this acquisition, Scopely becomes one of the fastest-growing gaming industry companies, having already tripled revenue from 2018 to 2020.
Scopely Chief Revenue Officer, Tim O’Brien said, “we hope to take what is already a strong business and accelerate it through our publishing and technology infrastructure, unlocking even more value. The GSN Games business has proven itself as both incredibly durable and consistently profitable, due to the dynamic experiences the team continues to build for players around the world.”
Mergers and acquisitions in the gaming industry, especially of smaller developers and publishers have already seen a banner year. In the first nine months of 2021, deals and investments have reached a record $71 billion.
The industry is scorching hot.
Investors are experiencing record valuations in the space, and as the trend is expected to continue, could see additional windfalls going into 2022 and beyond.
Developers and publishers with a portfolio of patented technology, and their investors, could be some of the biggest winners.
Read more about the GSN Games acquisition, HERE
Or lean more about a company with gaming patents, HERE
Source: https://labusinessjournal.com/news/2021/oct/25/scopely-acquires-gsn-games-from-sony-pictures/