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Sony to buy video game maker Bungie in $3.6 billion deal as industry consolidation heats up

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A gamer plays the video game ‘Destiny 2’ developed by Bungie Studios and published by Activision during the ‘Paris Games Week’ on October 31, 2017 in Paris, France.
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Sony Interactive Entertainment has agreed to acquire privately held video game developer Bungie for $3.6 billion, adding to a flurry of industry consolidation this month.

Bungie is the company behind the multiplayer shooter games Destiny and Halo, the latter of which it developed until 2010. Bungie was acquired by Microsoft in 2000 and split from that company in 2007.

While smaller than both Take-Two Interactive’s $12.7 billion deal for Zynga and Microsoft’s $69 billion Activision Blizzard acquisition, Sony agreed to buy the company that, with Halo, helped launch Microsoft’s first Xbox in 2001.

All three video game deals were announced in January.

Technology companies are increasingly interested in gaming as they look to expand audiences and prepare for future iterations of virtual and augmented reality devices.

Sony shares were up about 4.5% for the day as of 4:30 p.m. ET.

Bungie will continue to operate independently within Sony, according to a statement.

The video game developer’s most recent hit is Destiny 2, which will continue to be offered on multiple platforms. The Halo franchise has been developed by Microsoft‘s 343 Industries since 2011. Its latest game, Halo Infinite, launched on Xbox and Windows in 2021.

“Bungie has created and continues to evolve some of the world’s most beloved video game franchises and, by aligning its values with people’s desire to share gameplay experiences, they bring together millions of people around the world,” said Kenichiro Yoshida, Sony Group Corp.’s chairman, president and CEO, in a statement.

Sony Interactive Entertainment, which develops PlayStation and is based in San Mateo, Calif., is a subsidiary of Sony Group Corp.

WATCH: Two metaverse experts break down Microsoft’s Activision Blizzard deal.

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