Pixel P&L: Historic $55 Billion EA Buyout Finally Official

Welcome to another Pixel P&L edition. This issue takes 5 minutes to read. If you only have one, here are the 5 most important things:

• Electronic Arts goes private in a historic $55 billion leveraged buyout, the largest LBO ever.

• Indian developer nCore launches INR 50 lakh esports tournament, marking a massive leap from last year's prize pool.

• Brazil bans loot box sales to minors in new digital safety law effective March 2026.

• Konami's Silent Hill f ships 1 million copies in just two days, outpacing the acclaimed remake.

• KRAFTON expands its India Gaming Incubator through IIT Delhi competition. 

Let's get into it.

Electronic Arts Agrees to Record $55 Billion Leveraged Buyout

Electronic Arts will go private in a $55 billion deal, the largest leveraged buyout in history, the videogame publisher announced Monday.

A consortium led by Saudi Arabia's Public Investment Fund, Jared Kushner's Affinity Partners, and private equity firm Silver Lake will acquire the maker of “EA FC,” "Madden NFL," and "Battlefield" for $210 per share in cash. The offer represents a 25% premium to EA's closing price on Sept. 25, before deal reports emerged.

The transaction combines $36 billion in cash and existing PIF equity with $20 billion in debt financing arranged by JPMorgan. EA shares rose 5% in morning trading to approximately $203.

The buyout comes as EA banks on its sports portfolio and action franchises to navigate a sluggish gaming market. The company is currently preparing to launch "Battlefield 6" as it seeks to capitalize on gamers gravitating toward established titles.

CEO Andrew Wilson will remain at the company's Redwood City, California headquarters when the deal closes in the first quarter of fiscal 2027. Under the agreement, EA faces a $1 billion termination fee if it accepts a competing bid, while the consortium owes the same amount if regulatory issues delay completion beyond September 2026.

Indian Game Developer nCore Launches INR 50 Lakh Esports Tournament

Indian videogame developer nCore Games unveiled the second edition of its FAU-G Bharat League on Monday, featuring a prize pool of INR 50 Lakh for its military shooter game FAU-G: Domination.

The tournament, organized with esports platform NODWIN Gaming and education firm Leverage, marks a significant increase from the inaugural event's INR 3 lakh purse. Winners will receive cash prizes, trips to British universities, and career counseling focused on game development careers.

The announcement follows India's passage of the Promotion and Regulation of Online Gaming Act in 2025. nCore said the free-to-enter tournament complies with the new legislation, which emphasizes skill-based competition.

"As esports in India goes from legitimacy to significance, the path shifts to building the Champions of India both at a player level and at a game level.” said Akshat Rathee, co-founder of NODWIN Gaming. “In FAU-G: Domination we have truly an Indian game for India that has the potential to win us medals!”

⚡️Quick Bytes

KRAFTON Hosts Game Development Challenge at IIT Delhi

South Korean gaming company KRAFTON held a development competition at the Indian Institute of Technology Delhi's annual festival, with winning student teams earning entry into the company's third incubator cohort. Students built games from assigned prompts and pitched to executives during the three-day event. "India is transitioning from being primarily a gaming market to becoming a center of creation," said Anuj Sahani, who heads KRAFTON's India Gaming Incubator. The effort is part of industry attempts to develop India's gaming production capabilities.

Brazil Bans Loot Box Sales to Minors in Online Safety Law

Brazilian President Luiz Inácio Lula da Silva signed legislation prohibiting the sale of loot boxes to players under 18, part of the country's first dedicated law protecting minors in digital environments. The ECA Digital law, effective March 2026, defines loot boxes as paid features offering random virtual items without prior knowledge of contents. The legislation also requires games with user interaction features accessible to minors to establish complaint systems and report violations publicly. Brazil joins Belgium, which banned loot boxes outright in 2018 under gambling laws.

Konami's 'Silent Hill f' Ships 1 Million Copies in Two Days

Konami Digital Entertainment announced that its horror game "Silent Hill f" shipped 1 million copies worldwide within two days of its Sept. 25 launch across PlayStation 5, Xbox Series X|S and PC platforms. The title, set in Japan and featuring a Japanese high school student protagonist, outpaced last year's "Silent Hill 2" remake, which reached the milestone in about a week.

⚔️Side Quest

📺 Watch: Rockstar co-founder Dan Houser reveals behind-the-scenes secrets from GTA and Red Dead development, including the origin of talk radio, why Bully never got a sequel, and his creative formula for crafting iconic games. He names Red Dead Redemption 2 his best work, shares his perspective on GTA 6 releasing without him, and discusses the outsider-insider view that fueled Rockstar's legendary satire.

🎮 Play: SHUTEN ORDER delivers a wildly ambitious 60-hour murder mystery split across five distinct genre-bending routes (death game, detective thriller, survival horror, dating sim, multi-perspective). While some gameplay elements feel underdeveloped, the stellar art direction, clever plot twists, and satisfying narrative payoff will make this worth your time.

📚 Read:  Newzoo analyst Michael Wagner's data-driven analysis reveals how the mid-August to mid-November crush may be sabotaging your profits through inflated marketing costs and reduced visibility. Q2 shows surprisingly strong engagement with far less competition, suggesting smarter timing could meaningfully impact your bottom line.

💡Did You Know

 In 2008, Electronic Arts created a massive traffic jam in London when they attempted to give away $40,000 worth of free fuel at a gas station. The promotion caused such chaos that it had to be shut down early, with only $22,000 of fuel actually distributed before authorities intervened.

📜 Quote of the Day

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