Saudi Arabia's PIF Completes $55B EA Buyout, Sparking Layoff Fears
It's official: Electronic Arts is no longer an independent company. GameSpot reports the gaming giant has been sold to Saudi Arabia's Public Investment Fund in the biggest leveraged buyout in commerce history, a deal valued at a staggering $55 billion.
The buyout, which also involves private equity and Donald Trump's son-in-law Jared Kushner taking a stake, according to Kotaku, has raised serious concerns. The massive debt load from the deal has prompted fears of "mass layoffs," studio closures, and potential game cancellations at EA.
While the deal's closing was confirmed right on schedule, per PC Gamer, the future for EA's workforce looks shaky. The company is expected to undergo significant cost-cutting measures to manage its new financial obligations.
