Sony will purchase videogame developer Bungie, it announced Monday. The deal for the firm behind “Halo” and “Destiny” is worth US$3.6 billion and subject to closing conditions and regulatory approvals.
Sony Acquiring Bungie, Firm Behind “Halo” And “Destiny”
When revealing details of the deal, all parties emphasized that Bungie will be allowed to continue operating independently and across multiple platforms. Commenting, Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation said:
Bungie has created and continues to evolve some of the world’s most beloved videogame franchises and, by aligning its values with people’s desire to share gameplay experiences, they bring together millions of people around the world… we will utilize the Sony Group’s diverse array of entertainment and technology assets to support further evolution of Bungie and its ability to create iconic worlds across multiple platforms and media.
We’ve had a strong partnership with Bungie since the inception of the Destiny franchise, and I couldn’t be more thrilled to officially welcome the studio to the PlayStation family,” added Jim Ryan, President and CEO of Sony Interactive Entertainment (SIE). “This is an important step in our strategy to expand the reach of PlayStation to a much wider audience.”
Pete Parsons, CEO and Chairman, Bungie commented:
In SIE, we have found a partner that fully supports us and wants to accelerate our vision of creating meaningful entertainment experiences that span generations, all while valuing the creative independence that is the heartbeat of Bungie. We will continue pursuing our vision of one, unified Bungie community, building games that value our community and meet them wherever and however they choose to play. Both Bungie and SIE believe that game worlds are only the beginning of what our IP will become. Our original universes have immense potential and, with SIE’s support, we will propel Bungie into becoming a global multi-media entertainment company dedicated to delivering on our creative vision.
Bungie has limitless potential to unite friends around the world.
We have found a partner in PlayStation that shares our dream and is committed to accelerating our creative vision of building generation-spanning entertainment.
— Bungie (@Bungie) January 31, 2022
Major M&A Moves in Video Games
The move from Sony and Bungie of course follows Microsoft’s recent blockbuster purchase of Activision Blizzard. It agreed to purchase the studio behind the likes of “Call of Duty” for US$68.7 billion in January 2022, with the deal expected to close in the fiscal year 2023. Bungie was in fact previously owned by Microsoft but became an independent business in 2007.
BBC News noted that these deals meant that the month was a record-breaking one for video game industry merger and acquisition (M&A) deals. Daniel Ahmad, a senior analyst at Niko Partners told the corporation:
Technology and media companies in particular are viewing the game publisher and developer companies to have valuable IP, talent and content.