Former PlayStation Head Wants To Buy "A Game Company" For $1 Billion

Former PlayStation US chief Jack Tretton wants to buy a gaming company, and he doesn't seem to particularly care which one so long as it falls within his budget.

The announcement comes as part of an interview with Axios Gaming where Tretton confirmed his intent to purchase "a game company" for between one and two billion dollars. Tretton is currently the CEO of PowerUp Acquisition, a special purpose acquisition company (SPAC) that allows investors to put their money directly into specific markets. In the case of PowerUp, that market is video games.

According to Axios, PowerUp Acquisition raised $250 million in February with the initial plan of purchasing a game company within 18 months, but that has since been shortened to 15 months. "The fact that we were willing to go to 15 months and sweeten the pot for investors," said Tretton. "I think was an indication that we felt very confident that there were a number of tremendous targets out there that we could land."

As for what game company Tretton is aiming to buy, he said that he wasn't looking for a fixer-upper. "We're not looking for a company that's in disarray, that is on the way out of business and is a reclamation project."

Tretton has more interest in "traditional" game publishers or developers but admits that his business partners at PowerUp have an interest in the budding NFT and cryptocurrency game sectors.

He also said that PowerUp might not stop at just one gaming company. “It's quite natural that we would potentially do it again and help another company.” Tretton didn't provide any hints as to which companies he has an eye on or might even currently be in negotiations to acquire.

Mergers and acquisitions have been all the rage in the video game business, with blockbuster mergers announced between Microsoft and Activision Blizzard, Zynga and Take-Two Interactive, and Embracer buying up every indie developer it can get its hands on.

PlayStation, meanwhile, is also planning its own acquisitions following its purchase of Halo and Destiny developer Bungie.

"We’re growing our studios organically and we’re growing through acquisition," said PlayStation CEO Jim Ryan in a recent edition of the PlayStation Podcast. "We acquired five studios during the course of 2021, we’re in discussions with Bungie, and we have more planned. This is getting us into a virtuous cycle where success begets success."

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