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Benzinga

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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