Video game maker EA bought by Saudi-led group for $55bn
Summary
Electronic Arts (EA), a well-known video game company, has been bought by Saudi Arabia’s Public Investment Fund and other investors for $55 billion. This buyout ends EA’s 36 years as a public company, and it will now operate privately.Key Facts
- EA is famous for games like The Sims, Madden NFL, Battlefield, and EA Sports FC (formerly Fifa).
- The $55 billion deal was completed after EU regulatory approval.
- The buyers include Saudi Arabia’s wealth fund (PIF), Affinity Partners (run by President Trump’s son-in-law Jared Kushner), and Silver Lake Partners.
- EA was founded in 1982 and is currently led by CEO Andrew Wilson.
- EA’s annual revenue has been steady at around $7.4 to $7.6 billion in recent years.
- EA faces strong competition from mobile game makers like Epic Games and rivals such as Activision Blizzard, which Microsoft bought for nearly $69 billion in 2023.
- As a private company, EA will no longer report quarterly financial results publicly.
- EA recently reduced its workforce by about 5% and reported lower revenues due to declining interest in its latest Battlefield game.
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