The Disney Corporation announced on Friday that it would move ahead with the sale of its FoxNext Games to a developer that is based in Culver City. The announcements comes on the heels of the Walt Disney Company altering their Fox holdings while attempting to sell the company. Included within the structure of the sale is the two contracts currently in progress at FoxNext, with these allowing Culver Cities Scopely to operate FoxNet and Cold Iron Studios.
The terms of the sale and its arrangement have not been made public after the U.S authorities cleared the deal earlier this month. The approval of the deal however was announced via a Hart-Scott-Rodino Act note that the Federal Trade Commission released. Last October, Scopely it had arranged $200 million in tactical financing to assist the company meet its business plans objective, and with the acquisition, Scopely saw its evaluation jump to $1.7 billion.
The Chief Revenue Officer at Scopely, Tim O’Brien stated in a media release addressing the acquisition, “We have been hugely impressed with the incredible game the team at FoxNext Games has built with MARVEL Strike Force and can’t wait to see what more we can do together,” said Chief Revenue Officer at Scopely. O’Brian added that in order for the company to grow, they had to be bullish on the expanding of their portfolio and FoxNext perfectly fits with the focus the company has on its goal to deliver an unforgettable game experience.
FoxNext Games President, Aaron Loeb also addressed the sale stating he was proud of the accomplishments that Games has built has achieved that looks forward to joining with Scopely to continue that accomplishments. Adding to the comments of Loeb, FoxNext Games Senior Vice President & General Manage, Amir Rahimi, stated “Both FoxNext Games and Scopely are committed to bringing beloved worlds to life through interactive gaming experiences designed to be played for years to come, and we believe this shared focus, coupled with our businesses’ unique strengths and Scopely’s expertise across multiple game genres, will lead to even greater success in the future.”
Disney Owns Fox
While Disney did not hold on long to Fox Next Games, it did use their resources to change the branding of Century Fox this week and has chosen to change the name to Searchlight images or will use Century Studios. In addition to it selling of its ownership of Fox, the Disney Corporation sold the Fox regional sports programs.