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GameStop Announces Shocking Buyout Offer For eBay, Priced At $56 Billion

GameStop Announces Shocking Buyout Offer For eBay, Priced At $56 Billion https://ift.tt/agFYkG9 The latest chapter in video game retailer GameStop's tumultuous story is unfolding, as the company has announced plans to make a deal to buy eBay for $56 billion. GameStop said in a news release that it submitted a "non-binding proposal" to buy 100% of eBay at $125 per share in cash and stock, at 50% each. This would be about a 20% premium over where eBay's stock was trading on Friday and a 46% premium to eBay's closing price on February 4 this year. That was the day that GameStop started buying eBay stock. Today, it owns about 5% of eBay's outstanding stock. CEO Ryan Cohen told The Wall Street Journal , "There is nobody who is more qualified, based on my experience, to run the eBay business," he said. Continue Reading at GameSpot
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Naughty Dog Founder Reveals Budgets Of Original Games And Why They Sold To Sony

Naughty Dog Founder Reveals Budgets Of Original Games And Why They Sold To Sony https://ift.tt/UuCxFWl

Andy Gavin, one of the co-founders of Naughty Dog, has explained why the company sold itself to Sony back in 2001. Posting on LinkedIn, Gavin said he's been asked "countless times" why Naughty Dog took the deal, and it was all about rising development costs.

Gavin said (via SI) when Naughty Dog first started making games in the 1980s, game development costs were "manageable," with costs for games made in the early '80s running about $50,000 per game. For 1992's Rings of Power, Naughty Dog spent about $100,000. For the first Crash Bandicoot game, however, costs rose to $1.6 million, with Jak and Daxter (2001) coming in at $15 million or more. Just a few years later, Jak 3's development cost came in at between $45 million and $50 million.

Naughty Dog was self-funding all of its projects at this time, and the stress about "financing these ballooning budgets independently" became too much to bear. Gavin said rising development costs is a "systemic issue" to this day in the video game industry.

Continue Reading at GameSpot
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