theguardian_business

Video game maker EA bought by Saudi-led group for $55bn

📰 source: theguardian_business · 💼 business

electronic arts, maker of the sims, madden nfl and battlefield, has been bought by saudi arabia's wealth fund and a group of investors for $55bn. the deal closed tuesday evening after the eu gave its final regulatory approval. ea is being taken private, ending its 36-year run as a public company.

buyers include the saudi pif, affinity partners run by jared kushner, and silver lake. kushner said ea has created stories and communities for hundreds of millions. the saudis have been investing heavily in games and esports. ea was founded in 1982 by trip hawkins and has been run by andrew wilson since 2013. revenues have stagnated between $7.4bn and $7.6bn. competition from epic games and microsoft's purchase of activision blizzard for $69bn in 2023 loom. as a private company, ea won't have to report quarterly results, which could ease pressure, but take-privates often bring cost cuts. ea laid off 5% of staff in 2024 and cut several hundred jobs in may. last quarter revenues missed expectations on weak battlefield engagement.

why it matters: taking ea private for $55bn marks one of the biggest gaming buyouts ever, giving saudi's sovereign fund control of top franchises.

source: theguardian_business
sentiment: +0.20 · impact: 0.70

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Surprise fall in US jobs last month as slow summer continues

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