'Fortnite' Maker Epic Games Raised $1B At $28.7B Valuation: Reuters

Fortnite game owner Epic Games had raised $1 billion in its latest funding round at a $28.7 billion valuation, Reuters reports.
The fundraise involved an additional investment of $200 million from Japan’s Sony Group Corp (NYSE: SONY). Other investors included Appaloosa, Baillie Gifford, and KKR & Co Inc (NYSE: KKR).
Epic Games CEO Tim Sweeney remained the controlling shareholder following the latest investments.
The new funds will help fast-track connected social experience build up in Fortnite, Rocket League, and Fall Guys while empowering game developers and creators with Unreal Engine, Epic Online Services, and the Epic Games Store, stated Sweeney.
Sony acquired a minority stake in Epic last year for $250 million. KKR had invested $1.25 billion in 2018.
Besides, Epic Games is in a legal battle with the iPhone maker Apple Inc (NASDAQ:AAPL). See Apple vs. Epic allegations.
Price action: SONY shares traded higher by 0.75% a $112.22, KKR shares traded higher by 0.19% at $52.11 on the last check Tuesday.