PIF-owned Savvy Games buys Scopely
Posted on 04/06/2023
Saudi Arabia’s Public Investment Fund (PIF) runs a unit called “Savvy Games.” This unit will purchase Culver City California’s Scopely for US$ 4.9 billion, in one of the largest acquisitions ever to occur in video games. Scopely has several hit games in its roster including Marvel Strike Force, Monopoly GO and Scrabble GO. Scopely had already raised US$ 1 billion in venture capital, and had US$ 500 million in credit. The deal included Greycroft, Evolution Media Capital, Highland Capital Partners, Anthem Venture Partners, Sands Capital, Cross Creek. Revolution, Pritzker Group, NewView Capital, Scale-Up Venture Capital, Carbon Arrow Capital, and Wellington Management. Saudi Arabia has plans to continue to invest in the game industry.
The most recognizable video game company in the world is Kyoto’s Nintendo. PIF holds holds an 8% interest in Nintendo. Other juggernauts have also been bought by the fund. PIF has almost US$ 3 billion Activision Blizzard shares, US$ 1.7 billion in Electronic Arts, and over US$ 1 billion in Take-Two Interactive. Riot Games struck a deal for sponsoring NEOM, the smart city in Tabuk Province, but pulled out almost as soon as the deal was announced.
Nintendo has seen success with its current console, The Switch. The console can be played as a handheld device or docked for use on a television. After a long absence, Nintendo is trying to gain market share in the film space with the new Super Mario Bros. movie. There is also a Super Mario World experience that recently opened at Universal Studios Hollywood.