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Sony invests $250 million in Fortnite maker Epic Games – VentureBeat

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Sony has invested $250 million for a minority stake in Fortnite maker Epic Games, the companies announced today. With the new money, Epic Games has raised $1.83 billion to date.

The companies said the deal cements an already close relationship and reinforces their shared goal to advance the state of the art in technology, entertainment, and socially connected online services. This close relationship was underscored in May when Epic first showed the upcoming Unreal Engine 5 graphics running on a PlayStation 5. As the company itself has disclosed, Epic Games raised $1.58 billion to date in three previous funding rounds. In 2012, the company received a $330 million investment from Tencent for a 40% ownership stake.

Under the deal, the investment enables Sony and Epic to broaden their collaboration, with Sony’s portfolio of entertainment assets and technology and Epic’s social entertainment platform and digital ecosystem (think Fortnite’s increasing use as a social space or the Epic Games Store), to create unique experiences for consumers and creators. The closing of the investment is subject to customary closing conditions, including regulatory approvals.

Epic confirmed it will still be able to publish to other platforms. As noted, Sony is acquiring only a minority part of Epic Games, and it is not acquiring a controlling stake in the company. (Update: Sony is acquiring a 1.4% stake of Epic, which means the deal values Epic Games at $17.86 billion).

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The deal is important for Sony because it needs allies in the upcoming console war. Later this year, Sony plans to launch the PlayStation 5 game console in competition with Microsoft’s Xbox Series X. But Epic has said that its Unreal Engine 5 and Fortnite will work with all game platforms, as Epic has generally been neutral when it comes to making cross-platform technology. If Sony gets any advantage from investing in Epic, it isn’t clear from this deal.

In a statement, Sony CEO Kenichiro Yoshida said that Epic’s technology keeps it at the forefront of game development and that is exemplified in the features of Fortnite. Epic CEO Tim Sweeney, meanwhile, said in a statement that both Sony and Epic have created businesses at the intersection of creativity and technology and they share a vision of real-time 3D social experiences that will lead to a convergence of gaming, film, and music. He also said the parties plan to build a “more open and accessible digital ecosystem for all consumers and content creators.”

The music reference seems like a call out to the recent virtual Travis Scott concert in Fortnite, which drew more than 27 million people. The mention of a more open and accessible digital ecosystem is also a surprise, as Sweeney has long been a proponent of open systems, while Sony has been an example of a company that protects its proprietary technology. Sony has, however, enabled Fortnite to function as a crossplay game that also lets friends play each other across other platforms.

A separate deal

The deal is different from the one that Bloomberg reported in June, which we independently confirmed, that Epic Games was seeking to raise $750 million at a pre-money valuation of $16.3 billion, with a post-money valuation (the value of the company after the deal is done) of $17 billion. Epic declined to comment on that deal.

Epic Games is both the developer and publisher of Fortnite, which has more than 350 million registered users. And it is also the creator of the Unreal Engine, a fundamental toolset for building many games (and increasingly, making movies and TV).

Bloomberg said in June that new investors participating in the separate round are T. Rowe Price Group and Baillie Gifford. Existing investors KKR & Co. will also participate, Bloomberg reported, citing unnamed sources. Epic did not comment on that detail either.

Above: This Lara Croft-like character is not a glimpse at the next Epic Games title.

Image Credit: Epic Games

Epic’s financials, based on sources

As we reported earlier in June, Epic Games’ fundraising gave us a window into the company’s current financial picture, as the privately held Epic does not disclose its revenues or profits. Epic has declined to comment on the below numbers.

Sources told GamesBeat that in 2019, Epic Games reported $4.2 billion in revenue and $730 million in earnings before interest, taxes, depreciation, and amortization (EBITDA, a key measure of profitability). Revenue for 2020 is forecast to be $5 billion, with EBITDA of $1 billion.

In April alone, thanks to the pandemic, Fortnite revenue was $400 million, sources told me. In April, players spent 3.2 billion hours in the battle royale shooter, sources said.

In 2018, Epic Games did better than it did in 2019. Revenue in 2018 was $5.6 billion, with EBITDA of $2.9 billion, sources said. Epic used a lot of that money to invest in its Epic Games Store, expanding its staff for Fortnite and Unreal Engine, and some acquisitions.

The Unreal Engine 5 can handle global illumination.

Above: The Unreal Engine 5 can handle global illumination.

Image Credit: Epic Games

In 2017, the company received a strategic investment from Disney as part of the 2017 Disney Accelerator program. And in October 2018, Epic raised $1.25 billion at a $14.5 billion post-money valuation. Investors in that round included KKR, Vulcan Capital, Kleiner Perkins, Lightspeed Ventures, Smash Ventures, and Iconiq.

As part of the Unreal Engine 5 announcement in May, Sweeney said in an interview with GamesBeat that Epic had a close relationship with Sony. “We’ve been working super-closely with Sony for quite a long time on the storage architecture and other elements. It’s been our primary focus. But Unreal Engine 5 will be on all next-generation platforms, and so will Fortnite,” Sweeney said at the time.

He added, “Sony has done an awesome job of architecting a great system here. It’s not just a great GPU, and they didn’t just take the latest PC hardware and upgrade to it, following the path of least resistance. The storage architecture in PlayStation 5 is far ahead of anything that you can buy in any PC for any amount of money right now. It’s great to see that sort of innovation. It’s going to help drive future PCs. They’ll see this thing ship and realize, ‘Wow, with two SSDs, we’ll have to catch up.’”

Epic Games didn’t say what it would use the money for. But it’s a good bet the company will continue to make acquisitions, invest in its Epic Games Store, expand Fortnite, and drive toward the creation of the Metaverse. The latter is the universe of virtual worlds that are all interconnected, like in novels such as Snow Crash and Ready Player One. Sweeney has said this is one of his goals.

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Take-Two Interactive to Acquire 'Borderlands' Developer Gearbox From Embracer Group for $460 Million – Yahoo Canada Sports

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Take-Two Interactive has acquired video game developer Gearbox, the maker of the “Borderlands” franchise, from Embracer Group for $460 million.

Per Take Two, the company “expects the transaction to deepen its successful relationship with Gearbox Entertainment and to provide increased financial benefits through a fully integrated operational structure.”

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As part of the deal, Take-Two will acquire Gearbox IP, including “Borderlands” and “Tiny Tina’s Wonderlands” franchises, games published by Take-Two’s 2K Games, as well as “Homeworld,” “Risk of Rain,” “Brothers in Arms” and “Duke Nukem.”

Currently, Gearbox has six “key interactive entertainment projects in various stages of development,” per Take-Two, which includes five sequels, two from “Borderlands” and “Homeworld” universes, and at least one “exciting new intellectual property,” all of which have been acquired in the sale.

Take-Two’s purchase of Gearbox is expected to close in June, pending regulatory approval. Upon completion, Gearbox will operate as a studio within 2K, continuing to be led by Gearbox CEO Randy Pitchford and his management team.

Former Gearbox owner Embracer, a Swedish gaming conglomerate who snapped up the rights to “Lord of the Rings” two years ago, has undergone a severe restructuring program over the past year, which has seen the company shut down or dispose of dozens of games studios and titles and lay off hundreds of staff, resulting in aftershocks that have reverberated throughout the games industry.

The sale of Gearbox marks the latest insistence of Embracer unloading assets, following the company divesting Saber Interactive.

“Our acquisition of Gearbox is an exciting moment for Take-Two and will strengthen our industry-leading creative talent and portfolio of owned intellectual property, including the iconic Borderlands franchise,” Take-Two CEO Strauss Zelnick said. “This combination enhances the financial profile of our existing projects with Gearbox and unlocks the opportunity for us to drive increased long-term growth by leveraging the full resources of Take-Two across all of Gearbox’s exciting initiatives.”

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An OLED iPad Pro and the first big-screen iPad Air will reportedly arrive in May – Engadget

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Apple will finally launch new iPads in early May, according to Bloomberg’s Mark Gurman. Expected are a new iPad Pro with an OLED display and a faster iPad Air, including a 12.9-inch model for the first time in that lineup. The details of the upcoming iPad models have been consistent, circulating through the rumor mill since last year.

The new iPad Pro models will reportedly add OLED displays (offering deeper blacks and richer colors) and run on the new M3 chip, already found in several Macs. The new tablets are said to launch alongside a redesigned Apple Pencil and Magic Keyboard. Other than a white color option, the latter has remained unchanged since its arrival four years ago.

Meanwhile, the iPad Air will supposedly run on a new processor. Bloomberg didn’t specify which, but — considering the current model uses the M1, and Apple likely wants to reserve the M3 for the more expensive Pro — the M2 sounds like a safe bet. The 12.9-inch screen option would mark the first time the iPad Air line has offered a display larger than 10.9 inches. Although Apple will charge more for that model than the smaller sibling expected alongside it, that would be the cheapest way yet to get a supersized iPad screen.

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Gurman said early this month that the new tablets would launch alongside the M3 MacBook Air, but the laptop arrived without any iPads in tow. He now reports that Apple’s release schedule was pushed back to finish working on the devices’ software and ironing out the kinks from the “complex new manufacturing techniques” they require.

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Ashleigh Oakridge offers boutique-style condos with concrete construction – Vancouver Sun

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Peterson Group’s latest project will be chock-full of amenities and have timeless interiors

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It may not sound exciting to say the big selling points for a new condominium project are that it’s concrete construction and four storeys. But start thinking in terms of getting all the benefits of concrete-tower construction in a sophisticated, boutique-style building of only 34 to 35 units, chock-full of amenities, situated on a quiet, tree-lined Vancouver street and the appeal is obvious—especially to those downsizing in the neighbourhood.

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“That on its own really sets it apart because if you want to be in a boutique setting, you don’t love the idea of highrises, and you want a concrete home type, there aren’t many options. It’s highly unique,” explains Barrett Sprowson, vice-president of sales and project marketing at Peterson Group, the developer of the Ashleigh Oakridge project, which will be composed of three buildings when completed.

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Two of the three buildings, the Berkley and the Alma, will be constructed first, with the Cambridge following later. Each one will have its own curb appeal, but all are designed to integrate into the neighbourhood, hence the plan to maintain the existing trees. The wellness amenities of sauna, steam room, cold and hot plunge pools and fully-equipped fitness room are centrally located in the Berkley for all the residents’ use. All three buildings have their own rooftop amenities that feature an indoor-outdoor flow from an expansive entertainment and co-workspace to patio lounging, dining, fire pits, communal gardens and children’s play area.

The interiors at Ashleigh Oakridge will feature classic styling with design-forward touches.
The interiors at Ashleigh Oakridge will feature classic styling with design-forward touches. Photo by Supplied by Peterson Group

The interiors of the homes, which Sprowson says offer generous, well-laid-out floorplans, feature numerous elevated design details that complement a classic esthetic. His personal favourite is the pot filler over the gas cooktop in the kitchen. “There’s not too many times you run into that, and there’s a little feature that’s practical, helpful and useful but is also tricky and expensive to do,” he says.

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The interior design team at Ste. Marie Studio framed their overall concept around the idea of classic styling accented with design-forward touches.

“We looked at it through the lens of a single-family home and wanting it to feel really timeless,” says Craig Stanghetta, founder and creative director of Ste. Marie Studio. “We don’t want it to feel that it doesn’t have a little bit of risk. There’s a little bit of risk in terms of some brushed metal accents.”

Their use of a bold marble for the kitchen backsplashes makes a dramatic visual statement, but though striking, the pattern is a classic marble, not one heavily veined, and one that would be at home in a Paris apartment or a New York brownstone, Stanghetta observes. In the larger homes, they’ve used it to wrap the islands. “They become a big feature, but in some of these other ones, we’re using the manufactured stone in those areas and letting the backsplash be the big design gesture,” Stanghetta says.

The wellness amenities will include sauna, steam room, cold and hot plunge pools and a fully-equipped fitness room.
The wellness amenities will include sauna, steam room, cold and hot plunge pools and a fully-equipped fitness room. Photo by Supplied by Peterson Group

In the smaller units where the backsplashes are marble, but quartz is used on the counter and island surfaces, the team introduced a dining table-island combination that works for multiple uses—kitchen prep, home office or dining—and the generous bank of wall storage available in the L-shaped configuration allowed for this unique style of island.

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“I think we just acknowledged that sometimes people are prioritizing different things, and if you’re in a one-bedroom living scenario, then we want the flexibility to choose your own adventure with that piece of furniture,” Stanghetta explains.

The appliance package is Miele and features built-in coffee makers, gas ranges, speed ovens, wall ovens and, in some units, wine fridges. There are also sleek can lights over the islands and open shelving for personalizing the space. Sprowson notes that the full-height pantries also boost the kitchens’ functionality and that, though expected when downsizing from a single-family home, they’re often not an option in condo living.

“It’s also a striking kitchen. You look at the marble backsplash and the marble countertop with the waterfall edge, and you’ve got all the functionality, but it’s also, dare I say, very pretty to look at,” he says.

When complete, each building at Ashleigh Oakridge will have rooftop amenities that include an entertainment and co-workspace, patio lounging, dining, fire pits, communal gardens and children's play area.
When complete, each building at Ashleigh Oakridge will have rooftop amenities that include an entertainment and co-workspace, patio lounging, dining, fire pits, communal gardens and children’s play area. Photo by Supplied by Peterson Group

The bathrooms reflect that same mix of functionality and sophisticated styling, with details like flattering sconce lighting and wall-mount toilets. Stanghetta says the floating shelf under the medicine cabinet creates a “nice balance of high-functional storage but then these clean lines that also give you a more fully designed and realized space.”

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He notes that the double vanities in the larger bathrooms have an oversized countertop, a beautiful detail that works with the timeless design concept: attention to detail that will last. The combination of timelessness with contemporary accents creates interiors that reflect the project’s overall vision.

The development is ideally situated to allow residents to be central to everything while enjoying a quiet location.

“This is a viable option for anyone who wants concrete, a good amount of space, decent amenities, all the walkability and proximity to Oakridge and all the cool stuff that’s on the Cambie corridor,” Stanghetta observes.

Ashleigh Oakridge

Project Address: 5080 Ash Street, Vancouver

Project Scope: A development of three, four-storey, concrete, boutique buildings offering one, two and three-bedroom homes that range from 590 to 1,800 square feet. Each building features rooftop amenities and a shared wellness and fitness centre in the Berkley building.

Developers: Peterson Group

Architects: GBL Architects

Prices: Starting in the low $800,000s

Sales centre: Ashleigh PC 2094 W 43rd Ave, Vancouver

Sales centre hours: Open daily (Except Friday), noon to 5 p.m.

Sales phone: 604-476-429

Website: ashleighoakridge.com

Occupancy date: Estimated completion summer 2028

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