Sony Invests Another $1 Billion in Epic Games
2022.04.11 21:41
By Sam Boughedda
Investing.com — Sony Group Corp (NYSE:SONY) and the family-owned holding and investment company behind Lego Group, KIRKBI, have invested $1 billion apiece in creator Epic Games.
The deal will help Epic to enhance its push into the metaverse and support its continued growth, the company said in its press release.
Sony previously invested $250 million in Epic for a minority stake.
The investment from Sony and Lego, which is subject to customary closing conditions, will see the company valued at $31.5 billion.
Lego and Epic Games said last week they had entered a long-term partnership to “shape the future of the metaverse.” The companies said they are aiming to build a “family-friendly digital experience.”
“As a creative entertainment company, we are thrilled to invest in Epic to deepen our relationship in the metaverse field, a space where creators and users share their time.” said Kenichiro Yoshida, chairman and CEO, Sony Group Corporation.
Søren Thorup Sørensen, CEO at KIRKBI, said: “A proportion of our investments is focused on trends we believe will impact the future world that we and our children will live in. This investment will accelerate our engagement in the world of digital play, and we are pleased to be investing in Epic Games to support their continued growth journey, with a long-term focus toward the future metaverse.”
Sony’s U.S.-listed shares are down 4.9% Monday.
