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Nintendo has kept players interested in its ageing Switch console series through key games with characters such as Super Mario and Zelda. Saudi Arabia's Public Investment Fund (PIF) trimmed its holding in Nintendo Co., a day after reports that a senior executive at the kingdom's mammoth sovereign wealth fund said it was considering upping its stake. The PIF reduced its stakehold in the Japanese video game giant to 7.54% from 8.58% previously, according to a Japanese regulatory filing. Saudi Crown Prince Mohammed bin Salman is also the chairman of Savvy Games Group. Nintendo has been grappling with a slowing console gaming market and an aging product by way of its flagship Switch hybrid console — its best-selling gear ever, which sold 143.4 million units worldwide.

Persons: Mario, Zelda, Prince Faisal bin Bandar, Saud —, —, Prince Faisal, Prince Mohammed bin Salman, it's Organizations: Nintendo, Saudi Arabia's Public Investment Fund, Nintendo Co, Games, Tokyo, Kyodo, Games Group, Microsoft, Sony Locations: Sultan, Saudi Arabia, Saudi

☆ Opinion: We all lose if the Olympic surveillance state becomes the norm
▼ + stars: | 2024-04-17 | by ( Opinion Jules Boykoff | ) edition.cnn.com time to read: +9 min

He is the author of six books on the politics of the Olympic Games, most recently “What Are the Olympics For?” The views expressed here are his own. France enacted an Olympic Games Law in May 2023 that legalized the use of AI-driven video surveillance this summer and allowed experimentation with intelligent video surveillance until March 31, 2025. The law made France the first nation in the European Union to greenlight biometric surveillance systems. She told me that the Olympic Law “infringes the right to privacy, the right to be anonymous in the streets.”“Everything in this is political,” Levain said. The French Ministry of the Armed Forces unveiled plans to use HELMA-P, an anti-drone laser weapon system prototype, at the Paris Games.

Persons: Jules Boykoff, Emmanuel Macron, Jules Boykoff Jessi, –, ” Noémie, “, ” Levain, ”, Gérald Darmanin, we’ve, Amelie Oudea, Macron, Natsuko Sasaki, Laurent Nuñez, Le, Danielle Simonnet, Thomas Bach Organizations: Pacific University, Olympic Games, CNN, Olympic, Games, ISIS, Stade de France –, Law, European Union, Amnesty International, European Civic Forum, Human Rights, Ministry of, France’s, French Ministry of, Armed Forces, Paris Games, Stade de France, Paris Police, Le Parisien, Paris, Patriotes, Palais Royal, National Assembly, France Insoumise Party Locations: Paris, Palestinian, Atlanta, France, Le, Europe, Moscow

Nov 16 (Reuters) - Swedish games developer Embracer (EMBRACb.ST) topped second-quarter operating profit expectations on Thursday, aided by its restructuring efforts, sending its shares up more than 11%. The group, which owns the rights to the Tomb Raider and Lord of the Rings games, reported a 14% drop in adjusted operating profit to 1.8 billion Swedish crowns ($170.2 million) in the quarter through September, but beat analysts' forecast of 1.62 billion crowns. The decline was mainly due to a lower contribution from PC and console games, it said. It announced major restructuring plans in June, after a $2 billion partnership deal with an undisclosed company fell through in May. Embracer's shares have lost nearly a half of their value since it warned on profit in May.

Persons: Embracer, Hans, Marius Ludvigsen, Lars Wingefors, Wingefors, Jesus Calero, Milla Nissi, Sharon Singleton, David Evans Organizations: The Entertainment, Services, Reuters, Thomson Locations: Swedish, Embracer, U.S, Gdansk

☆ Saudi Arabia launches Esports World Cup - statement
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

Saudi Arabia's Crown Prince, Mohammed bin Salman speaks with FOX News Channel, in an interview aired September 21, 2023, Neom, Saudi Arabia, Saudi Press Agency/Handout via REUTERS/File Photo Acquire Licensing RightsRIYADH, Oct 23 (Reuters) - Saudi Arabia said on Monday it was launching an annual Esports World Cup, which will include the most popular games in the world and have the largest prize pool in esports history. The competition will be held annually in Riyadh starting summer 2024, a statement from Saudi Crown Prince Mohammed bin Salman said. Clubs will compete across games from various genres to become the ultimate Esports World Cup champion, the statement said. Saudi Arabia's Savvy Games Group, owned by sovereign wealth fund PIF, said last year it will invest 142 billion riyals ($37.8 billion) in initiatives aimed at making Saudi Arabia a global hub for gaming. "The Esports World Cup is the natural next step in Saudi Arabia's journey to become the premier global hub for gaming and esports, offering an unmatched esports experience that pushes the boundaries of the industry," the crown prince was quoted in the statement as saying.

Persons: Crown Prince, Mohammed bin Salman, Saudi Crown Prince Mohammed bin Salman, Aziz El Yaakoubi, Ros Russell Organizations: Saudi, Crown, FOX News, Saudi Press Agency, Handout, REUTERS, Rights, Saudi Crown, Clubs, Sports, Thomson Locations: Neom, Saudi Arabia, Rights RIYADH, Riyadh, Saudi

☆ Tomb Raider games group Embracer lags forecast, maintains outlook
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, Aug 17 (Reuters) - Swedish gaming group Embracer (EMBRACb.ST) on Thursday reported a weaker than expected operating profit for the April to June period but reiterated its full-year guidance as its restructuring program was on track. Adjusted operating profit for the fiscal first quarter stood at 1.67 billion Swedish crowns ($152.75 million), lagging the 1.78 billion expected in a company-provided poll of analysts, but up from 1.32 billion crowns a year ago. "We now have increased confidence regarding earnings this year and we are on track to deliver on the restructuring program," CEO Lars Wingefors said in a statement. Wingefors said operating costs increased due to inflation and the run-rate impact of prior-year recruitment. ($1 = 10.9332 Swedish crowns)Reporting by Jesus Calero and Marie Mannes; Editing by Terje Solsvik and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Persons: Lars Wingefors, Wingefors, Jesus Calero, Marie Mannes, Terje Solsvik, Edmund Klamann Organizations: Thomson Locations: STOCKHOLM, Swedish

☆ Sea sails recklessly into choppy e-commerce waters
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

Singapore-based Sea Limited Chairman and CEO Forrest Li, speaks during an interview with CNBC following his company's IPO on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 20, 2017. REUTERS/Brendan McDermid Acquire Licensing RightsHONG KONG, Aug 16 (Reuters Breakingviews) - Sea's (SE.N) boss Forrest Li has picked a turbulent time to rock the boat. But Li's declaration on Tuesday that it's time to "ramp up" investments again risks wiping out the hard-earned investor goodwill. Despite Li's assurances that Sea will keep emphasising self-sufficiency and cost efficiencies, investors promptly erased some $10 billion, or 29%, in market value. In July, the latter injected $845 million into its Southeast Asian arm, signalling a price war may be on the horizon.

Persons: Forrest Li, Brendan McDermid, HONG KONG, Li, China's Alibaba, Robyn Mak, Exor’s Philips, Bain, BoE, Antony Currie, Thomas Shum Organizations: CNBC, New York Stock Exchange, REUTERS, Reuters, HK, Twitter, FC Barcelona’s, Messi, Thomson Locations: Singapore, New York, U.S, HONG, York

☆ Tomb Raider games group Embracer raises $182 mln in share issue
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, July 6 (Reuters) - Sweden's Embracer (EMBRACb.ST) has raised 2 billion crowns ($182 million) in a share issue directed at institutional investors, the gaming group said on Thursday, after last month flagging a need to cut investments and costs. It issued 80,000 new shares at a subscription price of 25 crowns per share, it said in a statement, sending its shares down 13%. "The proceeds from this share issue will further strengthen our financial position, improving both financing cost and our operational flexibility, and enabling us to focus on the key aspects of the program," it said. Trading was heavy, with hourly volume running at over 9 million shares, the second-highest on record after May 24's hourly rate of over 10 million, Refinitiv Eikon data showed. Embracer, which last year bought several development studios and the intellectual property rights to a number of games including a new Tomb Raider game, announced plans for the share issue late on Wednesday.

Persons: Anna Ringstrom, Louise Rasmussen, Jason Neely Organizations: Thomson Locations: STOCKHOLM, Embracer

The pan-European STOXX 600 index (.STOXX) rose 0.3%. The rate-sensitive tech sector index (.SX8P) added 1.6%, while miners (.SXPP) jumped 1.8% to a seven-week high. Industrial metal prices rose after the People's Bank of China (PBOC) lowered a short-term lending rate for the first time in 10 months to prop up risk sentiment. Embracer (EMBRACb.ST) jumped 5.2% to the top of the STOXX 600, after the Swedish games group announced a restructuring programme to slash costs and investments, including development of new products. Shares of Admiral(ADML.L), meanwhile, slid 6.1% to the bottom of the STOXX 600 after traders said Citi cut its rating on the British motor and home insurer to "sell."

Persons: Stuart Cole, Shreyashi Sanyal, Rashmi Aich Organizations: Miners, U.S . Federal, People's Bank of China, Equiti, Traders, European Central Bank, Union, Nvidia, Citi, Thomson Locations: China, Swedish, Bengaluru

☆ Tech stocks lead European shares higher ahead of Fed rate decision
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

June 13 (Reuters) - European shares opened higher on Tuesday led by the gains in technology stocks, amid growing optimism that the U.S. Federal Reserve would skip raising interest rates in its policy meeting. The pan-European STOXX 600 index (.STOXX) rose 0.5% as of 0715 GMT, with the rate-sensitive tech sector index (.SX8P) up 1.5%. Embracer (EMBRACb.ST) jumped 5.2% to the top of the STOXX 600, after the Swedish games group announced a restructuring programme to slash costs and investments, including in the development of new products. Swedish industrial technology group Hexagon's (HEXAb.ST) shares gained 4.3%, after it announced a collaboration with the world's most valuable chip firm Nvidia Corp (NVDA.O). Reporting by Shreyashi Sanyal in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Shreyashi Sanyal, Rashmi Organizations: U.S . Federal, Nvidia Corp, Thomson Locations: Swedish, Bengaluru

☆ Tomb Raider games group Embracer to slash spending
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, June 13 (Reuters) - Swedish games group Embracer (EMBRACb.ST) announced on Tuesday a restructuring programme to slash costs and investments, including in the development of new products, boosting the company's shares. Embracer has been hit by development delays, weaker demand, bad reception for some new games and, last month, the fall-through of a large planned strategic partnership. Shares in the developer, which last year bought several development studios and the intellectual property rights to a new Tomb Raider edition and other games, on Tuesday rose 4% by 0705 GMT. "The figures include capex related to internal and external game development projects and other intangible assets, as well as tangible assets," it said in a statement. The group's earnings could be hit by one-offs such as potential severance payments and writedowns related to game development projects as part of the restructuring, it said.

Persons: Embracer, Anna Ringstrom, Terje Solsvik Organizations: Thomson Locations: STOCKHOLM

☆ Savvy Games to acquire gaming company Scopely for $4.9 bln
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

April 5 (Reuters) - Savvy Games Group, wholly owned by Saudi Arabia's Public Investment Fund (PIF), has agreed to acquire Scopely, a maker of mobile games based in Culver City, California, for $4.9 billion, the companies said on Wednesday. Scopely, founded in 2011, will become an autonomous operation under the Savvy umbrella, they said in a statement, noting the deal will "strengthen Savvy's global position" and enable Scopely to accelerate growth. Last year, state news agency SPA said Savvy would invest 142 billion riyals ($37.85 billion) in initiatives aimed at making the kingdom a global hub for gaming. In February, Savvy bought a $265 million stake in the Chinese E-sports company VSPO backed by Tencent Holdings Ltd (0700.HK). ($1 = 3.7513 riyals)Reporting by Rishabh Jaiswal in Bengaluru; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ A 27-page report breaks down where the money is flowing in sports tech and the investors to watch. Here were 5 key takeaways.
▼ + stars: | 2023-03-22 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +7 min

Investment bank Drake Star broke down dealmaking in 2022 and what it means for the year ahead. Sports tech M&A activity in 2022, from Drake Star's Global Sports Tech Report 2022. Drake Star Global Sports Tech Report 2022The fourth quarter saw a surge in M&A volume with 67 deals, the most in the sector's recent history. More sports tech companies could explore public listings in the second half of the year. "Some of the IPO ready sports tech companies are expected to explore IPO/SPAC listings."

☆ At CES 2023, Sony's 'Gran Turismo' flags new entertainment strategy
▼ + stars: | 2023-01-04 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +6 min

It also represents a significant bridging of the divides between Sony Pictures Entertainment, Sony PlayStation and Sony Music, according to a dozen current and former senior executives interviewed by Reuters. “I defined our identity as a creative entertainment company with a solid foundation on technology,” Sony chief executive Kenichiro Yoshida said. Sony’s “creative entertainment” company approach extends beyond content. A Sony-Honda electric vehicle, scheduled to reach consumers by 2026, is being framed as a rolling showcase of Sony’s entertainment, gaming and camera sensor prowess. This August will bring another test of Sony’s strategy when “Gran Turismo” hits theaters after languishing for 12 years.

☆ Saudi wealth fund's Savvy Games Group to invest $37.8 billion
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

Sept 29 (Reuters) - Saudi Arabia's Savvy Games Group, owned by sovereign wealth fund PIF, will invest 142 billion riyals ($37.8 billion) in initiatives aimed at making the kingdom a global hub for gaming, state news agency SPA said on Thursday. The investments will include 70 billion riyals to take several minority stakes in companies that support Savvy's game development agenda and 50 billion riyals to acquire "a leading game publisher to become a strategic development partner". Another 20 billion riyals will be invested in mature industry partners who bring expertise to Savvy's portfolio and 2 billion riyals will target industry disruptors "to grow early-stage games and esports companies." The company's strategy is to invest in the electronic games industry and esports over a long timeline, including local and international programmes and infrastructure. It aims to set up 250 games companies in Saudi Arabia, which will create 39,000 jobs, and raise the sector's contribution to Saudi GDP to 50 billion riyals by 2030, SPA added.

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