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Take-Two Announces What Could Be The Biggest Game Company Acquisition in History – IGN

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Take-Two Interactive, the company that owns Rockstar and 2K, has announced that it has entered into an agreement to buy mobile game developer Zynga in a massive deal that could be the highest-valued video game acquisition of all time. Yes, even bigger than Microsoft’s buyout of Bethesda.

Announced in a press release, the two companies have agreed that Take-Two will acquire all of Zynga’s shares and take ownership of the company. The value of the move is approximately $12.7 billion. Rather than a total cash buyout, Take-Two has facilitated the deal by purchasing Zynga’s shares using a combination of cash and Take-Two’s own stock.

The terms of the agreement sees Zynga stockholders receiving $3.50 in cash and $6.36 worth of Take-Two common stock, making each Zynga share value at $9.86. This marks a premium of 64% on Zynga’s closing share price on January 7, 2022.

Star Wars Hunters – Screenshots and Art

“We are thrilled to announce our transformative transaction with Zynga, which significantly diversifies our business and establishes our leadership position in mobile, the fastest growing segment of the interactive entertainment industry,” said Strauss Zelnick, Chairman and CEO of Take-Two. “This strategic combination brings together our best-in-class console and PC franchises, with a market-leading, diversified mobile publishing platform that has a rich history of innovation and creativity.”

The deal’s value across both cash and stock represents what could be the largest acquisition in video game history. The $12.7 billion value eclipses Tencent’s $8.6 billion purchase of Supercell, and Microsoft’s $8.1 billion acquisition of ZeniMax Media and Bethesda, even when adjusting for inflation.

Zynga is one of the world’s most successful mobile games developers, having created hits such as Words With Friends, Farmville, and Harry Potter: Puzzles and Spells. It is currently working on Star Wars Hunters, a Nintendo Switch game set for release in 2022.

Matt Purslow is IGN’s UK News and Entertainment Writer.

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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