Monday, 15 August, 2022

Sony to buy Destiny developer Bungie for $3.6bn

Sony to buy Destiny developer Bungie for $3.6bn

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Japanese technology giant Sony says it will buy video game developer Bungie in a deal worth $3.6bn (£2.7bn).

US-based Bungie, best known for the Destiny and Halo games, said it would help it to "reach billions of players".

Halo is one of the games that contributed to the popularity of Microsoft's Xbox.

Earlier this month, Microsoft revealed plans to buy video games giant Activision Blizzard for $68.7bn, which is the industry's largest ever deal.

Sony did not provide a timeline for when it expects the deal to be finalised.

Bungie, which is based in Washington state, has more than 900 employees.

Under the deal, the firm will operate independently and continue to publish its own games after the takeover is completed.

Bungie is working on expanding its Destiny 2 universe, the first-person shooter video game which was released in 2017.

The Sony-Bungie deal helped make January a record month for mergers and acquisitions (M&A) in the video games industry.

There were two other major deals, with Grand Theft Auto creator Take-Two Interactive unveiling its buyout of Zynga for $12.7bn and Microsoft's plan to purchase industry giant Activision Blizzard for $68.7bn.