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Benzinga
Benzinga
Technology
Anusuya Lahiri

Fortnite Maker Clocks $32B Valuation After Raising Funds From Sony, Lego

Sony Epic Epic Games Nasdaq Baidu Inc China Kirkbi LEGO Group NYSE Sony Group Corp
  • Fortnite maker Epic Games raised $2 billion from Sony Group Corp (NYSE:SONY) and the family-owned holding company behind the Lego Group, reaching a valuation of $31.5 billion, Reuters reports.
  • Sony, an existing investor, and the Kirkbi investment company invested $1 billion to help Epic accomplish its metaverse ambitions.
  • Epic Games essentially lost a trial in 2021 over Apple Inc's (NASDAQ:AAPL) alleged restrictive practices in its App Store and its 30% commission for each purchase made on its App Store.
  • China resumed approving gaming licenses after restricting the same in July 2021.
  • China has granted licenses to 45 internet games, including Baidu Inc (NASDAQ:BIDU), Reuters reports.
  • Price Action: SONY shares closed lower by 5.55% at $92.82 on Monday.
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