Sony Pictures Entertainment has agreed the sale of its GSN Games division, which operates a portfolio of free-to-play mobile and online games including Solitaire TriPeaks and Bingo Bash, to Scopely.
The purchase price is approximately $1 billion, half of which will be paid in cash and the remainder in preferred equity, providing SPE with a minority interest in Scopely and the opportunity to benefit from the expected growth of the company and the mobile games industry.
Scopely is one of the fastest-growing private mobile games companies today, having tripled revenues from 2018 to 2020, and has a games portfolio which spans from social player vs player (PVP) to midcore role-playing games (RPG) to massively multiplayer online (MMO) strategy.
Tim O’Brien, Chief Revenue Officer of Scopely, said, “the GSN Games organization is an exceptional team, and we are excited to see what more we can accomplish together.
“We hope to take what is already a strong business and accelerate it through our publishing and technology infrastructure, unlocking even more value. Through this acquisition, we will continue to cultivate a loyal player base as part of our mission to inspire play, every day.
“The GSN Games business has proven itself as both incredibly durable and consistently profitable, due to the dynamic experiences the team continues to build for players around the world. We look forward to a great future together.”
Ravi Ahuja, Chairman, Global Television Studios and Sony Pictures Entertainment Corporate Development, added, “GSN Games has been a great business for Sony the last 14 years, and we are proud of the experiences the team continues to deliver for players around the world.
“In meeting the Scopely team, we knew we found the right organization to support and accelerate the business. We are confident they will take GSN Games to new heights and SPE is pleased to be a minority shareholder in Scopely as a result of this transaction.”
Mark Feldman, CEO of GSN, said: “I am immensely proud of the entire GSN Games team for building and enhancing our portfolio of games while delivering strong and growing profits.
“Over the past four years, and in the teeth of a global pandemic, GSN Games has undertaken huge tech and product improvements to deliver on our commitment to providing our players with phenomenal game experiences.
“I am delighted that GSN Games will now be part of Scopely’s dynamic global mobile games business.”