Sony Announces Buying $250 Million Stake In Epic Games
Late on Thursday 9th July 2020, Sony announced buying a minority stake of $250 million in Epic Games, the gaming company that created Fortnite. Here are the details of the deal as the story is still developing.
According to a report from Business Wire, the two companies, Sony and Epic Games, jointly announced the deal. The game publisher is almost valued at $17 billion, thus, making Sony’s investment a minority stake.
However, the deal will likely lead to future collaborations between Sony and Epic Games. While the details are not yet clear, a gaming experience created by the union of these two companies will be epic.
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The companies acknowledged that this investment will ‘broaden’ collaboration. With Sony’s assets and technology coupled with Epic’s entertainment platform, the duo could be out to make something truly outstanding.
Tim Sweeney, Epic CEO and founder mentioned that both Epic Games and Sony are eyeing ‘real-time 3D social experiences leading to a convergence of gaming, film and music’. There are speculations that this may mean that Sony will now own Epic Games’ titles; limiting it to only PlayStation consoles.
Sweeney allayed these fears and assured the public that Epic Games will still be available on other gaming platforms. The two companies have also been working together before now. Epic’s founder seems to be a big fan of PlayStation and he has publicly heaped praise on the coming PS5 console.
Epic Games and Sony calling this $250 million investment a minority stake clearly shows how big the former has grown. In 2012, $330 million had been enough for Tencent to buy up to 40 per cent stake in Epic Games. But with the growing popularity of its Fortnite franchise, this will likely also count as a minority stake in 2020.
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