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$229M For Insomniac Games: Sony Reveals Details Of The Deal

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$229M For Insomniac Games: Sony Reveals Details Of The Deal

Sony Corporation (NYSE: SNE) has paid $229 million for Insomniac Games in fall 2019, the financial documents reveal.

What Happened

The latest financial report submitted by Sony to the Securities and Exchange Commission (SEC) reveals that "the consideration for this acquisition of 24,895 million yen (229 million U.S. dollars) was mainly paid in cash.” The report states that Insomniac Games has now become a wholly-owned subsidiary of Sony. 

Why It Matters

In August 2019, Insomniac Games, the developer of Spider-Man and Ratchet and Clank, had joined Sony PlayStation’s World Wide Studios, which was announced by PlayStation in a tweet. 

The game studio has been associated with Sony as Spyro The Dragon, one of its earliest games was a PlayStation 1 exclusive. Marvel’s Spider-Man, which sold over 13 million copies was a Playstation 4 exclusive. 

As a result of the acquisition Sony now owns Sunset Overdrive, which is a game for the Xbox console made by rival Microsoft Corporation (NASDAQ: MSFT).

Price Action

Sony shares traded mostly flat at $70.14 in the after-hours session in New York on Monday. The shares had closed the regular session 0.11% higher at $70.17.

The company’s shares traded at $70 at press time in Tokyo on Tuesday.

Photo Credit: Screenshot of Online Stream

Posted-In: Insomniac Games Microsoft Corp. PlayStationM&A News SEC Tech General Best of Benzinga

 

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