When Microsoft announced its intention to buy Activision-Blizzard for a touch over $68bn in 2022, it was the biggest deal ever struck in the games industry, and one of the most surprising. But that shock pales into comparison to the reaction to the latest big move in the industry: EA (Electronic Arts), the publisher best known for its juggernaut sports games Madden and EA Sports FC (previously called Fifa), is being taken private in the “biggest leveraged buyout in history”. It’s a deal worth $55bn, by a trio of investors who, on paper, look like a collection of end-of-level bosses.
Enter player one: Saudi Arabia’s sovereign wealth fund. The Saudi royal family has been investing its wealth in video games for some years now, and owns its own Savvy Games Group, led by crown prince Mohammed bin Salman, perhaps best known for mass-arresting his own citizens and ordering the assassination of journalist Jamal Khashoggi. Player two: Affinity Partners, an investment company led by Jared Kushner, son-in-law of the current US president. And player three: Silver Lake, just your run-of-the-mill evil private equity firm, which currently owns a large stake in game engine-maker Unity. Game File’s Stephen Totilo noticed that Affinity Partners’ logo is a mirror image of that used by the evil corporation in the Assassin’s Creed series. Truly you couldn’t make this stuff up.
You might be wondering why Saudi Arabia has been pumping so much money into video games. It has invested heavily in esports, setting up the eSports World Cup in Riyadh; bought up the makers of Monopoly Go and Pokémon Go; and bought stakes in many other game companies, including Nintendo. (Game File has a comprehensive rundown of where Saudi money can be found in the industry.) The regime is doing this for the same reason that it has thrown money into sports, media and, very recently, comedy: to improve its international image and distract from the numerous human rights abuses taking place at the regime’s request. It’s pure whitewashing. Or, in this case, gameswashing. It says much about the cultural power of gaming.
As for Affinity Partners and Silver Lake: well. There’s money to be made. EA made over $2bn in profit last financial year, driven largely by its sports franchises. It owns The Sims and Battlefield, too, both series that could be any other publisher’s biggest hit. EA used to be a much broader-interest publisher, and owns 30 years’ worth of wildly varied games properties as a result, from RPG Dragon Age to co-op hit It Takes Two and underrated sci-fi shooter Titanfall. But in the past decade or so, under the leadership of current CEO Andrew Wilson, it has concentrated its efforts mainly on its most profitable sports franchises.
Negative reaction to the deal has, inevitably, focused on the Saudi involvement, something that EA’s many thousands of working developers and millions of players are deeply unsettled by (especially as The Sims has one of the largest LGBTQ+ followings of any game out there). Among business journalists and analysts, meanwhile, views are mixed. Kotaku’s Ethan Gach spoke to several of them for this article, from which one quote, from NYU’s Joost van Dreunen, stood out: “At the center sits the irrational financial logic that tells you it’s about power, prestige, and staking Saudi Arabia’s claim in American entertainment.”
Business-world commentary has highlighted the fact that the buyout deal will saddle EA with an eye-watering $20bn in debt – debt that is likely to be very high-interest, Bloomberg claims. This raises concerning questions about how EA’s new owners expect to pay this off. Yet more cuts and downsizing? Juicing up the profits from things like EA Sports FC’s Ultimate Team mode? Reviving EA’s flagging mobile games business? It seems highly unlikely that it will be business as usual for the people actually working at EA, or for players.
Electronic Arts is not gaming’s best-loved publisher, not by a long shot. But as a player, even if you don’t like the way EA goes about its business and you don’t much care for Apex Legends or Madden, it’s important think of the thousands who work there. These are people who often go on to develop titles everywhere else in the industry, perhaps making games more to their own taste (and to yours). Even without the involvement of an oppressive regime, this kind of private equity buyout is rarely a positive thing, either for the people who work at the company or for the health of the industry. If you’re a Fifa fan, think of Manchester United, saddled with hundreds of millions in expensive debt after a takeover – and going nowhere but down ever since.
There is at least one person the deal brought joy to, however: CEO Andrew Wilson. “This moment is a recognition of your creativity, your innovation, and your passion … Everything we have achieved–and everything that lies ahead–is because of you,” he wrote to EA’s employees in an internal email announcing the deal (now public here). “Our values and our commitment to players and fans around the world remain unchanged. With continued rigor and operational excellence, we can amplify the creativity of our teams, accelerate innovation, and pursue transformative opportunities that position EA to lead the future of entertainment.”
Wilson owns tens of millions in EA shares, each being sold for £157 if and when this deal goes through. Doesn’t that warm even the biggest cynic’s heart?
What to play
It is astounding that two different, inordinately expensive and impressively beautiful historical fiction games set in Japan have been released just six months apart, but here we are.
Ghost of Yōtei is out tomorrow and, just like Assassin’s Creed Shadows, it stars a female warrior on a revenge quest across the most beautiful gaming landscapes you’ve ever seen. I enjoyed Shadows earlier this year – you can’t fault its gorgeousness and the quality of its performances – but I’m enjoying Yōtei more. Riding around northern Japan, following birds and foxes and the distant screams of people who might need saving, is much more exciting without a map or magic X-ray vision that tells you where the bad guys are. It has a great many enjoyable little interludes where you’re using the controller to hammer a sword at a forge or blow on embers to light a campfire or paint a sumi-e ink artwork, rather than just disembowelling people. The combat is straightforwardly great, a dangerous dance that feels surprisingly like old-school SoulCalibur in the one-on-one duels. Ghost of Tsushima left me slightly cold five years ago, so I’m surprised by how much I love this – it helps that protagonist Atsu is seemingly much less conflicted in her role of blade-whirling death-dealer than Tsushima’s morose protagonist Jin.
Available on: PlayStation 5
Estimated playtime: 30+ hours
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What to read
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IGN interviewed Rockstar co-founder Dan Houser at LA Comic Con recently, who is usually a very elusive character. His favourite game he ever worked on: Red Dead Redemption 2. He also expressed some regret that the studio never made a follow-up to boarding-school satire Bully.
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Insomniac Games’ Wolverine game finally has a gameplay trailer! Given the quality of its Spider-Man adaptations, hopes are high for this. It’s out around this time next year. As a huge appreciator of Housemarque’s punishing sci-fi game Returnal, I was also psyched to see footage of its follow up, Saros, which will be out in March 2026.
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ROG Xbox Ally/Ally X, the abominably-named handheld Xbox-compatible games machine, will cost £500/£800, Microsoft has confirmed. That puts it about on par with the Steam Deck.
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Nintendo of America’s president Doug Bowser – how’s that for a case of nominative determination? – is retiring. He’ll be replaced by Devon Pritchard, who’s been at Nintendo for 19 years. Presumably, she’ll be changing her name to Devon Ganon any day now. In other Nintendo news: a pop-up version of its Japanese department stores will open in London later this month, merch fans.
What to click
Question Block
This week, reader Kevin asks:
“I have developed an interest in gaming at the age of 68. I bought a PS5 Pro and am awaiting its arrival. What I would like to know is, are there any explanations and examples of how to use the controller? I have never gamed before so this is all new to me.”
Welcome to video games, Kevin! I am absolutely delighted whenever someone writes in to tell me that they’ve decided to get into gaming, especially if Pushing Buttons had anything to do with it.
The very best tutorial for the PS5 controller is, my opinion, Astro’s Playroom – a powerfully adorable game about little robots that live inside the PlayStation. It is a short and highly enjoyable crash course in the PS5’s unique features, and it’s also the game that taught my two sons how to use a more complex controller. If you really like it, get the full-length follow up Astro Bot, our game of the year pick from 2024.
If you’ve got a question for Question Block – or anything else to say about the newsletter – hit reply or email us on [email protected].
