Sony Acquires $250M Minority Stake in Fortnite Creator Epic Games
Sony Corporation has agreed to make a strategic investment of $250M USD in Fortnite developer Epic Games. The investment is being made through “a wholly-owned subsidiary of Sony” and will give the Japanese entertainment conglomerate a minority stake in Epic Games.
The investment will be used to “broaden their collaboration” across Sony’s “portfolio of entertainment assets and technology,” and Epic’s “social entertainment platform and digital ecosystem,” according to a release. Epic has been highlighting the fact for months that Fortnite is more than just a game; it’s a social multimedia platform.
The investment is subject to various customary closing conditions and regulatory approvals.
In June Bloomberg reported that Epic Games was close to raising a $750M USD investment round led by existing investor Kohlberg Kravis Roberts & Co. (KKR & Co.), in addition to new investors such as T. Rowe Price Group and Baillie Gifford. Sony’s investment is not part of this round.
In April Sony Corporation America made a $400M USD strategic investment in Chinese digital entertainment company Bilibili, purchasing 17M shares, or 4.98% of Bilibili’s total issued shares. In addition to its youth-focused streaming entertainment platform, Bilibili also owns two China-based esports organizations: Overwatch League organization Hangzhou Spark and League of Legends Pro League team Bilibili Gaming.
Tobias Seck contributed to this story.
Source: Read Full Article