This is a list of largest mergers and acquisitions (M&A) in the video game industry with publicly disclosed deal values. Microsoft's acquisition of Activision Blizzard is the most expensive video game acquisitions of all time followed by Activision-Vivendi Games merger and Take-Two Interactive-Zynga acquisition. 14 of the 20 most expensive video game purchases in video game history occurred just between 2020 and 2023.
Acquirer | Target | Year | Deal value (US$) | Inflation adjusted (US$) | Reference |
---|---|---|---|---|---|
![]() | ![]() | 2023 | 75,400,000,000 | 75,400,000,000 | [1] [2] |
![]() | ![]() ![]() | 2008 | 18,900,000,000 | 26,746,000,000 | [3] |
![]() | ![]() | 2022 | 12,700,000,000 | 13,223,000,000 | [4] |
![]() | ![]() | 2016 | 8,600,000,000 | 10,918,000,000 | [5] |
![]() | ![]() | 2021 | 8,100,000,000 | 9,108,000,000 | [6] |
![]() | ![]() ![]() | 2016 | 5,900,000,000 | 7,584,000,000 | [7] |
![]() | ![]() | 2023 | 4,900,000,000 | 4,900,000,000 | [8] |
![]() | ![]() | 2021 | 4,000,000,000 | 4,498,000,000 | [9] [10] |
![]() ![]() | ![]() | 2022 | 3,700,000,000 | 3,852,000,000 | [11] [12] |
![]() | ![]() | 2024 | 2,390,000,000 | 2,390,000,000 | [13] |
![]() | ![]() | 2014 | 2,500,000,000 | 3,218,000,000 | [14] |
![]() | ![]() | 2021 | 2,400,000,000 | 2,699,000,000 | [15] |
![]() | ![]() | 2014 | 2,000,000,000 | 2,574,000,000 | [16] |
![]() | ![]() | 2020 | 1,800,000,000 | 2,119,000,000 | [17] |
![]() | ![]() | 2005 | 1,700,000,000 | 2,652,000,000 | [18] |
![]() | ![]() | 2020 | 1,500,000,000 | 1,766,000,000 | [19] |
![]() | ![]() ![]() | 2022 | 1,500,000,000 | 1,562,000,000 | [20] |
![]() | ![]() | 2021 | 1,400,000,000 | 1,574,000,000 | [21] |
![]() | ![]() | 2021 | 1,300,000,000 | 1,462,000,000 | [22] |
![]() | ![]() | 2021 | 1,270,000,000 | 1,428,000,000 | [23] |
![]() | ![]() | 2020 | 1,200,000,000 | 1,413,000,000 | [24] |
![]() | ![]() | 2021 | 1,000,000,000 | 1,124,000,000 | [25] |
Acquirer | Target | Year | Deal value (US$) | Inflation adjusted (US$) | Reference |
---|---|---|---|---|---|
![]() | ![]() | 2014 | 960,000,000 | 1,236,000,000 | [26] |
![]() | ![]() | 2014 | 885,000,000 | 1,139,000,000 | [27] |
![]() | ![]() | 2023 | 776,000,000 | 776,000,000 | [28] |
![]() | ![]() ![]() | 2007 | 775,000,000 | 1,139,000,000 | [29] |
![]() | ![]() | 2011 | 750,000,000 | 1,016,000,000 | [30] |
![]() | ![]() | 2003 | 727,000,000 | 1,204,000,000 | [31] |
![]() | ![]() | 2018 | 700,000,000 | 849,000,000 | [32] |
![]() | ![]() | 2005 | 680,000,000 | 1,061,000,000 | [33] |
![]() | ![]() | 2021 | 640,000,000 | 640,000,000 | [34] |
![]() | ![]() | 2010 | 563,000,000 | 787,000,000 | [35] |
![]() | ![]() | 2020 | 530,000,000 | 530,000,000 | [36] |
![]() | ![]() | 2014 | 527,000,000 | 678,000,000 | [37] |
![]() | ![]() | 2020 | 525,000,000 | 525,000,000 | [38] |
![]() | ![]() | 2021 | 525,000,000 | 525,000,000 | [39] |
![]() | ![]() | 2012 | 486,000,000 | 645,000,000 | [40] |
![]() | ![]() | 2024 | 460,000,000 | 460,000,000 | [41] |
![]() | ![]() | 2021 | 450,000,000 | 450,000,000 | [42] |
![]() | ![]() | 2018 | 425,000,000 | 516,000,000 | [43] [44] |
![]() | ![]() | 2005 | 409,100,000 | 638,000,000 | [45] |
![]() | ![]() | 2010 | 400,000,000 | 559,000,000 | [46] |
![]() | ![]() | 2009 | 400,000,000 | 568,000,000 | [47] |
![]() | ![]() | 2011 | 400,000,000 | 542,000,000 | [48] |
![]() ![]() | ![]() | 2012 | 380,000,000 | 504,000,000 | [49] |
![]() | ![]() | 2021 | 378,000,000 | 378,000,000 | [50] |
![]() | ![]() | 2002 | 375,000,000 | 635,000,000 | [51] |
![]() | ![]() | 2007 | 350,930,000 | 516,000,000 | [52] |
![]() | ![]() | 2017 | 315,000,000 | 392,000,000 | [53] |
![]() | ![]() ![]() | 2022 | 300,000,000 | 300,000,000 | [54] |
![]() | ![]() | 2020 | 300,000,000 | 300,000,000 | [55] |
![]() | ![]() | 2017 | 250,000,000 | 311,000,000 | [56] |
![]() | ![]() | 2018 | 250,000,000 | 303,000,000 | [57] |
![]() | ![]() | 2024 | 247,000,000 [lower-alpha 1] | 247,000,000 | [58] |
![]() ![]() | ![]() | 2019 | 229,000,000 | 273,000,000 | |
![]() | ![]() | 2007 | 210,000,000 | 309,000,000 | [60] |
![]() | ![]() | 2012 | 210,000,000 | 279,000,000 | [61] |
![]() | ![]() | 2012 | 210,000,000 | 279,000,000 | [62] |
![]() | ![]() | 1999 | 207,000,000 | 379,000,000 | [63] |
![]() | ![]() | 2009 | 207,000,000 | 299,000,000 | [64] |
![]() | ![]() | 2020 | 193,000,000 | 193,000,000 | [65] |
![]() | ![]() | 2020 | 180,000,000 | 180,000,000 | [66] |
![]() | ![]() | 2006 | 175,000,000 | 264,000,000 | [67] |
![]() | ![]() | 2021 | 165,000,000 | 165,000,000 | [68] |
![]() | ![]() | 2010 | 160,000,000 | 224,000,000 | [69] |
![]() | ![]() ![]() | 2018 | 149,600,000 | 182,000,000 | [70] |
![]() | ![]() | 2020 | 148,000,000 | 148,000,000 | [71] |
![]() | ![]() | 2020 | 137,000,000 | 137,000,000 | [72] |
![]() | ![]() | 1999 | 135,000,000 | 247,000,000 | [73] |
![]() | ![]() | 2021 | 135,000,000 | 135,000,000 | [74] |
![]() | ![]() | 1997 | 125,000,000 | 237,000,000 | [75] |
![]() | ![]() | 2021 | 125,000,000 | 125,000,000 | [76] |
![]() | ![]() | 1998 | 122,500,000 | 229,000,000 | [77] |
![]() | ![]() | 2009 | 120,000,000 | 170,000,000 | [78] |
![]() | ![]() | 2024 | 118,000,000 | 118,000,000 | [79] |
![]() | ![]() | 2018 | 117,000,000 | 141,600,000 | [80] |
![]() | ![]() | 2023 | 110,000,000 | 110,000,000 | [81] |
![]() | ![]() | 2020 | 105,000,000 | 105,000,000 | [82] |
![]() | ![]() | 2018 | 103,000,000 | 125,000,000 | [83] |
![]() | ![]() | 2000 | 100,000,000 | 177,000,000 | [84] |
![]() | ![]() | 2020 | 100,000,000 | 100,000,000 | [85] |
![]() | ![]() | 2001 | 100,000,000 | 172,000,000 | [86] |
Acquirer | Target | Year | Deal value (US$) | Notes | Reference |
---|---|---|---|---|---|
![]() | ![]() | 2016 | 6,400,000,000 | In 2018, Vivendi agreed to stop pursuing its hostile takeover bid for Ubisoft and sell its shares to various investors, including Tencent. Vivendi had completely divested its stake in Ubisoft by March 2019. | [127] [128] [129] |
![]() | ![]() | 2008 | 1,900,000,000 | Although Take-Two were interested in merging with another company at the time, Strauss Zelnick and Take-Two's board of directors considered EA's cash offer inadequate. In September 2008, EA gave up on the acquisition and let the offer expire. | [130] [131] [132] |
![]() | ![]() ![]() | 2003 | 1,000,000,000 | Take-Two planned to acquire Vivendi's video game division, which at the time was up for sale as part of the parent company's plan to sell $7.7 billion in assets. Take-Two's offer was far short of the $1.6 billion Vivendi sought for the business. Ultimately the deal never came to pass and Vivendi Games would later merge with Activision to form Activision Blizzard. | [133] |
![]() | ![]() | 2020 | 994,000,000 | Take-Two offered to acquire Codemasters in November 2020 for approximately US$994 million and Codemasters subsequently accepted the deal. However, in December 2020, Electronic Arts placed a rival offer of $1.2 billion, 14% higher than Take-Two's bid, which Codemasters' board of directors agreed to instead. Take-Two formally withdrew its offer in January 2021, ceding to EA's bid. EA fully acquired Codemasters on February 21, 2021. | [134] [135] [136] [137] |
![]() | ![]() | 2023 | 813,000,000 | Playtika held preliminary discussions with Rovio about a potential acquisition in January 2023. Playtika made a €9.05 per share all-cash offer to Rovio's board of directors. Those discussions ended with no deal the following March and Rovio stated that it would seek merger discussions with other parties instead. | [138] [139] |
![]() | ![]() | 1997 | 250,000,000 | Despite the merger agreement being signed and unanimously approved by both companies shareholders, the merger was called off two months after the deal was signed. The merger was reportedly called off due to "fundamental" disagreement over the handling of research and development costs. In the following years, MicroProse was acquired by Hasbro. | [140] [141] [142] [143] |
![]() | ![]() | 2008 | 200,000,000 | Tecmo rejected Square Enix's buyout offer, opting instead for a merger of equals with Koei. | [144] [145] |
![]() | ![]() | 2005 | 136,300,000 | Elevation attempted to acquire Eidos in March 2005 as the newly formed firm's first acquisition, but were outbid by SCi, who ultimately acquired Eidos in May 2005. | [146] [147] |
![]() | ![]() | 2013 | 26,300,000 | At THQ's bankruptcy auction, ZeniMax bid $26.3 million for Relic Entertainment and the Company of Heroes IP, but were subsequently outbid by Sega by only $300K, with Sega ultimately acquiring Relic. | [148] [149] |
Activision Publishing, Inc. is an American video game publisher based in Santa Monica, California. It serves as the publishing business for its parent company, Activision Blizzard, and consists of several subsidiary studios. Activision is one of the largest third-party video game publishers in the world and was the top United States publisher in 2016.
Sierra Entertainment, Inc. was an American video game developer and publisher founded in 1979 by Ken and Roberta Williams. The company is known for pioneering the graphic adventure game genre, including the first such game, Mystery House. It is known for its graphical adventure game series King's Quest, Space Quest, Police Quest, Gabriel Knight, Leisure Suit Larry, and Quest for Glory, and as the original publisher of Valve's Half-Life series.
Electronic Arts Inc. (EA) is an American video game company headquartered in Redwood City, California. Founded in May 1982 by former Apple employee Trip Hawkins, the company was a pioneer of the early home computer game industry and promoted the designers and programmers responsible for its games as "software artists". EA published numerous games and some productivity software for personal computers, all of which were developed by external individuals or groups until 1987's Skate or Die! The company shifted toward internal game studios, often through acquisitions, such as Distinctive Software becoming EA Canada in 1991.
Take-Two Interactive Software, Inc. is an American video game holding company based in New York City founded by Ryan Brant in September 1993.
THQ Inc. was an American video game company based in Agoura Hills, California. It was founded in April 1990 by Jack Friedman, originally in Calabasas, and became a public company the following year through a reverse merger takeover. Initially working in the toy business, it expanded into the video game business through several acquisitions before shifting its focus away from toys entirely. THQ continued its trend of acquiring companies throughout the 2000s.
Xbox Game Studios is an American video game publisher based in Redmond, Washington. It was established in March 2000, spun out from an internal Games Group, for the development and publishing of video games for Microsoft Windows. It has since expanded to include games and other interactive entertainment for the namesake Xbox platforms, other desktop operating systems, Windows Mobile and other mobile platforms, web-based portals, and other game consoles.
The Codemasters Software Company Limited is a British video game developer and former publisher based in Southam, England, which is a subsidiary of American corporation Electronic Arts and managed under EA Sports division. Founded by brothers Richard and David Darling in October 1986, Codemasters is one of the oldest British game studios, and in 2005 was named the best independent video game developer by magazine Develop. It formerly also published third-party games.
Warner Bros. Games is an American video game publisher based in Burbank, California, and part of the Global Streaming and Interactive Entertainment unit of Warner Bros. Discovery (WBD). The publisher was founded as Warner Bros. Interactive Entertainment on January 14, 2004, under Warner Bros. Entertainment and transferred to its Home Entertainment division when that company was formed in October 2005. Warner Bros. Games manages the wholly owned game development studios TT Games, Rocksteady Studios, NetherRealm Studios, Monolith Productions, WB Games Boston, Avalanche Software, and WB Games Montréal, among others.
Vivendi Games was an American video game publisher and holding company based in Los Angeles. It was founded in 1996 as CUC Software, the publishing subsidiary of CUC International, after the latter acquired video game companies Davidson & Associates and Sierra On-Line. Between 1997 and 2001, the company switched parents and names multiple times before ending up organized under Vivendi Universal. On July 10, 2008, Vivendi Games merged with Activision to create Activision Blizzard.
Activision Blizzard, Inc. is an American video game holding company based in Santa Monica, California. Activision Blizzard currently includes five business units: Activision Publishing, Blizzard Entertainment, King, Major League Gaming, and Activision Blizzard Studios.
Zynga Inc. is an American developer running social video game services. It was founded in April 2007, with headquarters in San Mateo, California. The company primarily focuses on mobile and social networking platforms. Zynga states its mission as "connecting the world through games".
Video gaming in the United States is one of the fastest-growing entertainment industries in the country. The American video game industry is the largest video game industry in the world. According to a 2020 study released by the Entertainment Software Association, the yearly economic output of the American video game industry in 2019 was $90.3 billion, supporting over 429,000 American jobs. With an average yearly salary of about $121,000, the latter figure includes over 143,000 individuals who are directly employed by the video game business. Additionally, activities connected to the video game business generate $12.6 billion in federal, state, and local taxes each year. World Economic Forum estimates that by 2025 the American gaming industry will reach $42.3 billion while worldwide gaming industry will possibly reach US$270 billion. The United States is one of the nations with the largest influence in the video game industry, with video games representing a significant part of its economy.
THQ Nordic GmbH is an Austrian video game publisher based in Vienna. Formed in 2011, it is a publishing subsidiary of Embracer Group. Originally named Nordic Games, as was the parent company, both companies were renamed THQ Nordic in August 2016 after the parent company had acquired the "THQ" trademark in 2014.
TT Games Limited is a British holding company and a subsidiary of Warner Bros. Games. The company was established in 2005 through the merger of developer Traveller's Tales and publisher Giant Interactive. Its other branches include developer TT Fusion, animation studio TT Animation and mobile game studio TT Odyssey. The company is best known for its video games based on the Lego construction toy.
Embracer Group AB is a Swedish video game and media holding company based in Karlstad. The company comprises 10 operative groups: Amplifier Game Invest, Asmodee, CDE Entertainment, Coffee Stain, Dark Horse Media, Deca Games, Easybrain, Freemode, Plaion, and THQ Nordic.
Peak Games is a mobile gaming company based in Istanbul, Turkey. The privately-held company was acquired by Zynga in June 2020 for $1.8 billion. The company launched the games Toy Blast in 2015 and Toon Blast in 2017, both collectively have more than 12 million average mobile daily active users as of June 2020.