Image Alt Text

News

Netflix enters deal to acquire Finland s Next Games

March 2, 2022 07:56 PM


Netflix said Wednesday it plans to buy Finnish developer Next Games for more than $70 million, signaling the US streaming giant's intent to expand into the video gaming industry.

Next Games has been developing mobile games since 2013 based on popular television series such as "Stranger Things" and the "The Walking Dead" -- both hits that air on Netflix.

"We are excited for Next Games to join Netflix as a core studio in a strategic region and key talent market, expanding our internal game studio capabilities," Michael Verdu, vice president of games at Netflix, said in a statement.

"While we're just getting started in games, I am confident that together with Next Games we will be able to build a portfolio of world class games that will delight our members around the world."

The deal will be financed in cash through the purchase of Next Games' shares and has already been recommended by the gaming company's board of directors, Netflix said. 

Next Games' shares, listed on the Helsinki Stock Exchange, soared nearly 120 percent following the announcement.

Next Games CEO Teemu Huuhtanen said in the statement that the firm has always been focused on becoming "the partner of choice for global entertainment businesses" to create gaming based on the world's most popular entertainment franchises. 

"Joining forces with the world's largest streaming service, Netflix, presents an opportunity for a logical and exciting continuation of our strategy to craft interactive experiences for the world to enjoy," he said. 

Netflix is attempting to diversify into the lucrative video game sector as it competes with other streaming platforms such as Disney+ and HBO Max. 

The California-based group announced last September that it had acquired its first video game studio, Night School Studio, creators of the supernatural thriller "Oxenfree."

 

 



Most Read

  1. JIT completes investigation into MD CAT test irregularities JIT completes investigation into MD CAT test irregularities
  2. Sindh education department enforces strict leave policy for newly hired teachers Sindh education department enforces strict leave policy for newly hired teachers
  3. Fans disapprove of Aruba Mirza’s victory in popular TV show Tamasha Fans disapprove of Aruba Mirza’s victory in popular TV show Tamasha
  4. Injection responsible for causing eyesight loss among hundreds in Punjab recalled Injection responsible for causing eyesight loss among hundreds in Punjab recalled
  5. Zara Noor Abbas a vision to behold in deep red attire Zara Noor Abbas a vision to behold in deep red attire
  6. Bird strike grounds PIA Flight in Sialkot Bird strike grounds PIA Flight in Sialkot

Opinion

  1. Orange Line Metro Train: Bridging Nations and Palates – Mr. Yunlin's Unforgettable Moments in Lahore
    Orange Line Metro Train: Bridging Nations and Palates – Mr. Yunlin's Unforgettable Moments in Lahore

    By Ali Ramay

  2. India’s invasion of Kashmir is violation of UN Charter
    India’s invasion of Kashmir is violation of UN Charter

    By Dr Ghulam Nabi Fai

  3. World Suicide Prevention Day: Creating Hope Through Action
    World Suicide Prevention Day: Creating Hope Through Action

    By Dr Asif Channer

  4. Gender equality: A pre-requisite for a balanced society
    Gender equality: A pre-requisite for a balanced society

    By Mehak Sabir

  5. Time to move on and build a better Pakistan
    Time to move on and build a better Pakistan

    By Murtaza Rafiq Bhutto