Last August, Sony surprisingly announced its acquisition of Insomniac Games, developer of Marvel’s Spider-Man and Ratchet & Clank. At the time, little was known about the deal itself, including how much money exchanged hands. Now that picture’s a bit more clear. In purchasing the long-independent studio, Sony dished out approximately 24,895 million yen, which translates to $229 million USD.
This development comes courtesy of Sony Corporation’s Quarterly Securities Report with the Securities and Exchange Commission (SEC). According to the report, much of the figure was paid in cash back in November 2019. It’s worth noting that “based on the final closing date financial statements of Insomniac Games,” this number could be adjusted by the end of this fiscal year on March 31, 2020.
Industry analyst Daniel Ahmad’s post about the SEC filing appears below, highlighting pertinent details on the amount paid. The excerpt itself is on page 39 of the SEC filing’s document.
Sony Interactive Entertainment paid $229 million, mainly in cash, for Insomniac Games in November 2019.
— Daniel Ahmad (@ZhugeEX) February 10, 2020
Sony’s paying $229 million for the Insomniac Games acquisition seems rather low. Many may recall that Marvel’s Spider-Man sold a record 3.3 million copies after only three days on the market in September 2018. Loosely, this translates to the webslinging adventure raking in $198 million in its opening weekend, compared to Spider-Man: Homecoming’s opening weekend gross of $117 million at the box office.
Naturally, there are other facets of the purchase that could explain the apparently low figure, though specifics of the deal will likely remain private. Beyond Spider-Man, what other top-earning franchises does Insomniac bring to the table, especially when considering the comparably moderate success of its other games? Either way, this appears a big win for all involved. Sony gains a celebrated studio replete with some of the industry’s best talent. Meanwhile, Insomniac obtains a sense of security and financial freedom that other studios in similar positions, such as Double Fine and Compulsion Games, have spoken about.
[Source: Securities and Exchange Commission via Daniel Ahmad on Twitter]