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1/31, 7:27 PM (Source: TeleTrader)
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Sony acquires Bungie in $3.6 billion deal

Sony Interactive Entertainment LLC (SIE) announced on Monday it reached an agreement to acquire independent videogame developer Bungie Inc. in a transaction valued at $3.6 billion.

Bungie, the company that created iconic video game franchises such as Halo and Destiny, "will continue to operate independently" after the deal gets finalized. "This is an important step in our strategy to expand the reach of PlayStation to a much wider audience," SIE President and CEO Jim Ryan said in the press release.

The acquisition is the third significant one in the gaming industry this month, with Sony's competitor Microsoft Corp. buying Activision Blizzard Inc. for $68.7 billion and Take-Two Interactive Software Inc.'s $12.7 billion acquisition of Zynga Inc.

Baha Breaking News (BBN) / MS