Take-Two to buy mobile gaming giant Zynga for $12.7 billion

PC gaming giant Take-Two owns Announce By acquiring Zynga for about $12.7 billion, it’s taking a big step into the mobile gaming space. Take-Two already owns Rockstar Games, Codemasters and 2K, making games including Grand Theft Auto, Red Dead Redemption, Bioshock and others.At the same time, Zynga made famous mobile games such as Corporate Social Responsibility Racing, farmville, and words with friends.

Take-Two said the deal would bring in pro forma 12-month net bookings worth $6.1 billion, making it one of the largest gaming companies in the world. “This strategic combination brings together our best-in-class console and PC franchises with a market-leading, diverse mobile publishing platform rich in innovation and creativity,” said Take-Two Chairman and CEO Strauss Zelnick. The deal will also help Take-Two save about $100 million a year over two years.

Zynga itself has recently been in a series of acquisitions, acquiring the studio behind it flashlight 3 Early last year. Zynga sometimes relies on acquisitions to find the hottest games in a mobile gaming market known for its fickleness. Despite this, Take-Two said that the mobile industry’s revenue in 2021 is $136 billion and is currently growing at a rate of more than 8%, so the money is there. The company stated that mobile devices will now account for half of its net bookings (the net amount of products and services sold digitally or in physical form).

All products featured by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. We may receive an affiliate commission if you purchase through one of these links.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *