Take-Two Takes Out Zynga
Take-Two, the game studio behind Grand Theft Auto and NBA 2K, is paying up to buy mobile gaming giant Zynga. Take-Two is purchasing the Farmville developer for $12.7 billion. 🤑
Take-Two hopes that its cash-and-stock acquisition will give the company a stronger position in the mobile gaming space. In recent years, the company has shelled out for mobile game studios like SocialPoint and Playdots. However, Zynga is built different. In addition to the company’s giant mobile gaming footprint, it also has a strong in-house ad business that serves its free-to-play games. According to Take-Two Chief Executive Strauss Zelnick, “More than 50% of our net bookings will come from mobile” after acquiring Zynga.