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Epic Games Announces $1 Billion Funding Round
Shortly after it's revealed that Epic likely won't make a profit until at least 2027, Epic Games announced that it completed a $1 billion round of funding, which will allow the company to support future growth opportunities. Epic's equity valuation now reaches close to $29 billion.
This round includes an additional $200M strategic investment from Sony Group Corporation, which builds on the already close relationship between the two companies and reinforces their shared mission to advance the state of the art in technology, entertainment, and socially-connected online services. Other investment partners include Appaloosa, Baillie Gifford, Fidelity Management & Research Company LLC, GIC, funds and accounts advised by T. Rowe Price Associates, Ontario Teachers' Pension Plan Board, funds and accounts managed by BlackRock, Park West, KKR, AllianceBernstein, Altimeter, Franklin Templeton and Luxor Capital. Epic continues to have only a single class of common stock outstanding and CEO Tim Sweeney remains the controlling shareholder of the company.
"We are grateful to our new and existing investors who support our vision for Epic and the Metaverse. Their investment will help accelerate our work around building connected social experiences in Fortnite, Rocket League and Fall Guys, while empowering game developers and creators with Unreal Engine, Epic Online Services and the Epic Games Store," said Tim Sweeney, CEO and Founder, Epic Games.
"Epic continues to deliver revolutionary experiences through their array of cutting edge technologies that support creators in gaming and across the digital entertainment industry. We are excited to strengthen our collaboration to bring new entertainment experiences to people around the world. I strongly believe that this aligns with our purpose to fill the world with emotion, through the power of creativity and technology," said Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation.
Credit Suisse and BoFA Securities acted as joint placement agents to Epic, and Wilson Sonsini Goodrich & Rosati provided legal counsel to Epic.
Free to grab: HITMAN 3 Starter Pack at Epic Games - 03/31/2021 08:46 AM
Become Agent 47 and experience the start of the World of Assassination trilogy for FREE. Begin your journey as an initiate and meet your handler at the training facility to become an Agent of the ICA....
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Well, nothing beats free of course. Welcome Home! The time has come to stake your claim on the Red Planet and build the first functioning human colonies on Mars!...
Free to grab: Wargame Red Dragon on Epic Games Store - 03/05/2021 10:05 AM
The Wargame series returns to duty, larger, richer and more spectacular than ever before. In Wargame Red Dragon, you are engaged in a large-scale conflict where Western forces clash against the Commun...
Epic Games settles Fortnite and Rocket League lootboxes - 02/24/2021 09:33 AM
Epic Games settled a lawsuit over lootboxes in Fortnite and Rocket League. All US players of the games who have purchased lootboxes can receive compensation, both cash and in-game content...
Free to grab: Rage 2 on EPIC Game Store - 02/19/2021 08:34 AM
Dive headfirst into a dystopian world devoid of society, law, and order. RAGE 2 brings together two studio powerhouses–Avalanche Studios, masters of open world insanity, and id Software, creators of...
RealNC
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#5905214 Posted on: 04/16/2021 09:19 AM
companies are really investing billions in a company that loses 100+million per year ?
That's what AMD was doing for like, decades?
companies are really investing billions in a company that loses 100+million per year ?
That's what AMD was doing for like, decades?
Black_ice_Spain
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Posts: 4584
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#5905215 Posted on: 04/16/2021 09:21 AM
yeah but Intel needed AMD so anti-monopoly goverment units wouldnt hit them, call it an investment
That's what AMD was doing for like, decades? :p
yeah but Intel needed AMD so anti-monopoly goverment units wouldnt hit them, call it an investment
nicugoalkeper
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#5905216 Posted on: 04/16/2021 09:25 AM
Sony is investing in Unreal Engine so yes they need to invest...
Sony is investing in Unreal Engine so yes they need to invest...
gx-x
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#5905235 Posted on: 04/16/2021 11:18 AM
and you think Epic is going to put all that money into paying devs working on Unreal Engine, and no just waste it on their store to buy games and loose more money.
We shall see.
Sony is investing in Unreal Engine so yes they need to invest...
and you think Epic is going to put all that money into paying devs working on Unreal Engine, and no just waste it on their store to buy games and loose more money.
We shall see.
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companies are really investing billions in a company that loses 100+million per year ?
and that only exist because it was heavily funded by a chinese company aka "at a loss" by the ccp ? (tencent owns 48% of the company, ask Jack Ma who was "disappeared" for 3 months if a chinese company has "free will")
looks like a Ponzi scheme to me