Fortnite maker Epic hits £24.2bn valuation as Sony continues gaming push
Fortnite maker Epic Games raised a further $2bn (£1.5bn) this afternoon, valuing it at a whopping $31.5bn (£24.2bn).
The round included investment from existing investor Sony Group as well as KIRKBI, the family-owned holding and investment company behind The LEGO Group, with each party investing $1bn respectively.
Sony’s ongoing push with Epic Games may be a quest to keep up with Microsoft, which snapped up Call of Duty maker Activision Blizzard earlier this year for a record $68.7bn (£50.6bn).
Not only did this mark the biggest takeover for the gaming industry, but it also rocked the Sony share price.
Chairman, President and CEO of Sony Kenichiro Yoshida said the investment would allow the company to “deepen our relationship in the metaverse field”.
“We are also confident that Epic’s expertise, including their powerful game engine, combined with Sony’s technologies, will accelerate our various efforts such as the development of new digital fan experiences in sports and our virtual production initiatives”, he added.
Epic continues to have only a single class of common stock outstanding and remains controlled by its CEO and founder, Tim Sweeney.