SAN FRANCISCO (Reuters) – Activision Blizzard Inc will conduct “business as usual” for now while it explores growth and acquisition opportunities, the video game publisher’s CEO said on Thursday after sealing a deal last week to buy back most of parent company Vivendi’s stake for more than $8 billion.
CEO Bobby Kotick would not be drawn out on his plans for the No. 1 video games publisher, which in past years has managed to outpace its rivals thanks to blockbuster franchises such as “Call of Duty.” On Thursday, it reported a 42 percent drop in second-quarter revenue, reflecting broad contraction in the video games industry and a lighter games-release schedule.
SAN FRANCISCO, July 26 (Reuters) – Activision Blizzard Inc’s
CEO, who is shelling out $50 million of his own money
in an $8.2 billion deal to buy back most of Vivendi’s
stake, said the world’s largest video game publisher will be
freer to pursue acquisitions and grow after emerging from its
French parent’s wing.
Bobby Kotick, one of the highest-paid and longest-running
corporate chief executives in an industry that has been ravaged
in recent years by the rise of casual and mobile gaming, told
investors on a Friday conference call he thinks the company will
be stronger as a result of the deal.
SAN FRANCISCO (Reuters) – Video game publisher Electronic Arts Inc (EA.O: Quote, Profile, Research, Stock Buzz) said on Tuesday that a first quarter loss was narrower than Wall Street expected because strong cost controls and digital sales offset weak revenue from packaged games.
The shares of company, which usually has a light schedule in the first quarter for the release of its core console games, were up over 8 percent in after hours trading at $25.80 from the close of $23.83.
SAN FRANCISCO (Reuters) – Privately held mobile games maker Kabam is on track for 65 percent higher revenue of $300 million this year, and its employees have put up $38.5 million of stock for sale in a deal that puts its valuation at $700 million, the company said on Monday.
The San Francisco-based company, which is behind “Kingdoms of Camelot” and competes with Zynga Inc and Supercell, gave its employees an opportunity to sell stock in a private offering that started late last week and is expected to close in a few weeks, a Kabam spokesman said without divulging details.
SAN FRANCISCO (Reuters) – A gunman killed two women at a San Francisco jewelry market on Friday and shot at police before fleeing, prompting lockdowns at major technology companies nearby, police officials said.
The gunman threw down his gun and surrendered at a nearby Mexican restaurant after running out of ammunition, said San Francisco Police Chief Greg Suhr.
SAN FRANCISCO (Reuters) – Video game journalist and podcaster Ryan Davis, known for his devout fan following in the tight-knit community, died last week at the age of 34, Giant Bomb, the news gaming site he cofounded, said on Monday.
Davis had a visible online presence in the video game community through the popular podcast “the Giant Bombcast” he hosted every week to discuss industry news and review games.
SAN FRANCISCO (Reuters) – Don Mattrick, the head of Microsoft Corp’s Xbox business who will replace Zynga Inc’s founder Mark Pincus as chief executive next week, will get a hefty, largely stock-based compensation package of about $50 million in coming years, the company said in a regulatory filing on Wednesday.
In his first year, Mattrick will receive a base salary of $1 million, a sign-on cash bonus of $5 million and a 2013 bonus of $2 million, or the average bonus of Zynga’s other executives, the company said.
SAN FRANCISCO (Reuters) – Zynga Inc’s decision to bring in the head of Microsoft Corp’s Xbox business to replace founder Mark Pincus is a bold stroke that was hailed on Wall Street, but it still leaves questions as to who is ultimately in charge at the troubled game-maker.
Don Mattrick was personally recruited by Pincus. But Pincus holds on to 61 percent of the voting rights due to a two-tiered stock structure and will remain Zynga’s chairman and its chief product officer.
SAN FRANCISCO, July 1 (Reuters) – Zynga Inc’s
decision to bring in the head of Microsoft Corp’s Xbox
business to replace founder Mark Pincus is a bold stroke that
was hailed on Wall Street, but it still leaves questions as to
who is ultimately in charge at the troubled game-maker.
Don Mattrick was personally recruited by Pincus. But Pincus
holds on to 61 percent of the voting rights due to a two-tiered
stock structure and will remain Zynga’s chairman and its chief
SAN FRANCISCO (Reuters) – Games publisher Zynga Inc (ZNGA.O: Quote, Profile, Research) has replaced chief executive Mark Pincus with Don Mattrick, the Microsoft Corp (MSFT.O: Quote, Profile, Research) executive who headed the critical Xbox business, Zynga announced on Monday.
The news, reported first by AllThingsD, sent Zynga shares up more than 11 percent earlier in the day. The shares rose a further 3 percent to $3.17 when Zynga confirmed the appointment after the bell.