Sony to acquire a piece of Epic Games for $250 million
Sony has announced it will acquire a minority interest in Epic Games through a wholly-owned subsidiary of Sony, in an investment deal worth $250 million.
According to Sony, the investment, which is subject to regulatory approval, further cements an existing relationship between the two companies and would allow them both to broaden their collaboration on technology, entertainment, and socially-connected online services.
"Epic's powerful technology in areas such as graphics places them at the forefront of game engine development with Unreal Engine and other innovations. There's no better example of this than the revolutionary entertainment experience, Fortnite," Sony chairman, president, and CEO Kenichiro Yoshida said.
"Through our investment, we will explore opportunities for further collaboration with Epic to delight and bring value to consumers and the industry at large, not only in games, but also across the rapidly evolving digital entertainment landscape."
Epic founder and CEO Tim Sweeney added that the pair would work on expanding their digital ecosystem for consumers and content creators.
"Sony and Epic have both built businesses at the intersection of creativity and technology, and we share a vision of real-time 3D social experiences leading to a convergence of gaming, film, and music," he said.
See also: 80% of people have played games while working (TechRepublic)
The acquisition follows Sony's recent announcement to overhaul its structure and change the company name.
The company said effective 1 April 2021, Sony Corporation would be renamed and relaunched as Sony Group Corporation to focus on its role as the headquarters of the Sony Group.
At the same time, Sony Electronics Corporation, which currently operates the company's electronics business and is a function within Sony Corporation, would succeed the Sony Corporation name effective 1 April 2021.
To reflect the structural changes, the company said it is also changing up the executive structure where Sony Group's core businesses -- game and network services, music, pictures, and financial services -- have each established executive structures for their respective businesses.
The electronics businesses, including imaging and sensing solutions, will also establish executive structures for each business, Sony said.
MORE SONY NEWS
- Sony launches PlayStation bug bounty program with rewards of $50K+
- Sony fined AU$3.5 million for misleading customers about digital refunds
- Microsoft and Sony to create smart camera solutions for AI-enabled image sensor
- Sony develops first image sensor combined with AI chip
- Sony's electronics supply chain impacted by COVID-19 instability