Gaming
Take-Two and Zynga to Combine, Bringing Together Best-in-Class Intellectual Properties and a Market-Leading, Diversified Mobile Publishing Platform, to Enhance Positioning as a Global Leader in Interactive Entertainment

Take-Two Interactive and Zynga, two leaders in interactive and mobile entertainment, today announced that they have entered into a definitive agreement, under which Take-Two will acquire all of the outstanding shares of Zynga in a cash and stock transaction valued at $9.861 per Zynga share, based on the market close as of January 7, 2022, with a total enterprise value of approximately $12.7 billion. Under the terms and subject to the conditions of the agreement, Zynga stockholders will receive $3.50 in cash and $6.361 in shares of Take-Two common stock for each share of Zynga common stock outstanding at the closing of the transaction. The purchase price represents a premium of 64% to Zynga’s closing share price on January 7, 2022.
This transformative combination unifies two global leaders in the interactive entertainment business and establishes Take-Two as one of the largest and most diversified mobile game publishers in the industry, with $6.1 billion in pro-forma Net Bookings for the trailing twelve-month period ended September 30, 2021.
Both companies have created and expanded iconic franchises, which will combine to form one of the largest and most diverse portfolios of intellectual properties in the sector. Take-Two’s labels are home to some of the most beloved series in the world, including Grand Theft Auto®, Red Dead Redemption®, Midnight Club®, NBA 2K®, BioShock®, Borderlands®, Civilization®, Mafia®, and Kerbal Space Program®, while Zynga’s portfolio includes renowned titles, such as CSR Racing™, Empires & Puzzles™, FarmVille™, Golf Rival™, Hair Challenge™, Harry Potter: Puzzles & Spells™, High Heels! ™, Merge Dragons!™, Toon Blast™, Toy Blast™, Words With Friends™, and Zynga Poker™.
Management Comments
“We are thrilled to announce our transformative transaction with Zynga, which significantly diversifies our business and establishes our leadership position in mobile, the fastest growing segment of the interactive entertainment industry,” said Strauss Zelnick, Chairman and CEO of Take-Two. “This strategic combination brings together our best-in-class console and PC franchises, with a market-leading, diversified mobile publishing platform that has a rich history of innovation and creativity. Zynga also has a highly talented and deeply experienced team, and we look forward to welcoming them into the Take-Two family in the coming months. As we combine our complementary businesses and operate at a much larger scale, we believe that we will deliver significant value to both sets of stockholders, including $100 million of annual cost synergies within the first two years post-closing and at least $500 million of annual Net Bookings opportunities over time.”
“Combining Zynga’s expertise in mobile and next-generation platforms with Take-Two’s best-in-class capabilities and intellectual property will enable us to further advance our mission to connect the world through games while achieving significant growth and synergies together,” said Frank Gibeau, CEO of Zynga. “I am proud of our team’s hard work to deliver a strong finish to 2021, with one of the best performances in Zynga’s history. We are incredibly excited to have found a partner in Take-Two that shares our commitment to investing in our players, amplifying our creative culture, and generating more value for stockholders. With this transformative transaction, we begin a new journey which will allow us to create even better games, reach larger audiences and achieve significant growth as a leader in the next era of gaming.”
Strategic Rationale and Stockholder Value Creation
With Zynga’s stockholders receiving approximately 64.5%1 of the transaction consideration in Take-Two stock, both groups of stockholders will benefit from the combined company’s greater scale, enhanced financial profile, and the synergies created through the transaction.
Combined company is well-positioned to capitalize on the interactive entertainment industry’s strong tailwinds, including a leadership position in mobile. The video game sector has experienced rapid growth over the last few years and is now the largest vertical in the entertainment industry2. Mobile gaming is the fastest growing segment within the industry, with an estimated $136 billion2 in gross bookings in 2021, and an expected compound annual growth rate of 8%2 over the next three years. The transaction is expected to establish Take-Two as a leader in mobile gaming, with mobile expected to comprise over 50% of its Net Bookings in Fiscal Year 2023 (as compared to an estimated 12% in Fiscal Year 2022). The transaction will bolster Take-Two’s mobile offerings, which include popular games such as Dragon City, Monster Legends, Top Eleven, Two Dots, and WWE SuperCard, and consist of a diverse array of titles that focus on many of the most popular genres in mobile gaming, including casual, hyper-casual, lifestyle, mid-core, puzzle, social casino and sports games.
Formation of an industry-leading portfolio, comprising Take-Two’s best-in-class intellectual properties and Zynga’s renowned mobile titles. The transaction will create a powerful and diverse portfolio of industry-leading titles that span key platforms and genres across interactive entertainment, developed by some of the most creative and forward-thinking talent within the industry. By sharing best practices and key data insights across the enterprise, the Company is expected to benefit from significant development and publishing synergies, unlock new revenue streams and reach new audiences around the world.
The combined entity has significantly greater scale, with $6.1 billion in Net Bookings, and $769 million3 in Adjusted Unrestricted Operating Cash Flow on a pro-forma basis for the trailing twelve-month period ended September 30, 2021. Looking ahead, the combined company is expected to deliver a 14%4 compound annual growth rate for Net Bookings (excluding the annual Net Bookings opportunities and any future acquisitions) over the three-year period from Take-Two’s Fiscal Years 2021 through 2024.
Addition of Zynga’s mobile titles will expand the Company’s base of Recurrent Consumer Spending (“RCS”). Through the addition of Zynga’s mobile business, particularly its diversified portfolio of live services and upcoming pipeline of new releases, Take-Two will increase its sources of RCS, a highly-attractive revenue stream that helps reduce volatility across reporting periods that has historically been driven by the cadence of Take-Two’s console and PC release slate.
Take-Two has also identified over $500 million of incremental annual Net Bookings opportunities to unlock over time, driven by:
Creation of new mobile games for many of the iconic franchises within Take-Two’s portfolio of intellectual property. Take-Two has an extensive catalog of commercially and critically successful console and PC titles with engaged and loyal communities of players, and there is a meaningful opportunity to create mobile games and new cross-platform experiences for many of these properties. Zynga’s nearly 3,000 employees include highly-talented mobile developers, paving the way for Take-Two to accelerate this strategic initiative and introduce its iconic intellectual properties across the fastest-growing platform in the industry.
Ability to optimize RCS by leveraging the collective knowledge across both companies. Both Take-Two and Zynga have extensive capabilities to engage players through live operations (“LiveOps”) and RCS initiatives. By combining resources and proven acumen, the teams at Take-Two and Zynga will deploy best-in-class practices throughout the organization to enhance and grow existing titles across the portfolio. Key opportunities include cross-marketing through a larger, shared customer database and improving game economies through more effective data analytics and machine learning models.
Other strategic benefits include the use of Zynga’s Chartboost advertising platform, which will improve new user acquisition through better audience targeting and optimize mobile advertising inventory to achieve greater yields; geographic expansion into growth markets across Asia, including India, and the Middle East, among other regions; and an enhanced focus on technological innovation and new business models that will utilize the collective knowledge of forward-thinking talent.
Take-Two expects approximately $100 million of annual cost synergies within the first two years after closing, primarily driven by the rationalization of duplicative overhead including corporate general and administrative expenses and public company costs, as well as the benefit of scale efficiencies across the enterprise.
The acquisition is structured to maintain a strong balance sheet, including significant annual cash generation. The combined company’s strategic and financial flexibility is expected to be greater than each company on a standalone basis, providing Take-Two with the financial resources to continue to invest in talent, development, and innovation, while also pursuing select inorganic growth opportunities.
Leadership
At the close of the transaction, Strauss Zelnick will continue to serve as Chairman and CEO, and the management team of Take-Two will continue to lead the combined company. Zynga’s highly skilled and proven management team, led by Frank Gibeau and Zynga’s President of Publishing, Bernard Kim, will drive the strategic direction for Take-Two’s mobile efforts and will oversee the integration, and day-to-day operations of the combined Zynga and T2 Mobile Games business, which will operate under the Zynga brand as its own label within the Company. Additionally, Take-Two will expand its Board of Directors to 10 members upon the closing of the transaction to add two members from Zynga’s Board of Directors.
Terms of the Acquisition
Zynga stockholders will receive $3.50 in cash and $6.361 in shares of Take-Two common stock for each share of Zynga common stock outstanding at the closing. The transaction is valued at $9.861 per share of Zynga common stock based on the market closing as of January 7, 2022, implying an enterprise value of approximately $12.7 billion.
The transaction includes a collar mechanism on the equity consideration, so that if Take-Two’s 20-day volume weighted average price (“VWAP”) ending on the third trading day prior to closing is in a range from $156.50 to $181.88, the exchange ratio would be adjusted to deliver total consideration value of $9.86 per Zynga share (including $6.36 of equity value based on that VWAP and $3.50 in cash). If the VWAP exceeds the higher end of that range, the exchange ratio would be 0.0350 per share, and if the VWAP falls below the lower end of that range, the exchange ratio would be 0.0406 per share.
Within the collar range, the final number of Take-Two shares estimated to be issued on a fully diluted basis will range between approximately 50.3 million and 58.5 million shares. Upon closing of the transaction, current Take-Two stockholders will own between 67.2% and 70.4% and current Zynga stockholders are expected to own between 29.6% and 32.8% of the combined company on a fully diluted basis, respectively, including the shares associated with expected settlement of Zynga’s two outstanding series of convertible notes due 2024 and 2026.
As part of the transaction, Take-Two has received committed financing of $2.7 billion from J.P. Morgan and intends to fund the cash component of the transaction through a combination of cash from its balance sheet as well as proceeds of new debt issuance.
The merger agreement provides for a “go-shop” provision under which Zynga and its Board of Directors may actively solicit, receive, evaluate, and potentially enter negotiations with parties that offer alternative proposals during a 45-day period following the execution date of the definitive agreement, expiring on February 24, 2022. There can be no assurance this process will result in a superior proposal. Zynga does not intend to disclose developments about this process unless and until its Board of Directors has made a decision with respect to any potential superior proposal.
1Within a 7.5% symmetrical collar based on a Take-Two share price of $169.19 as the midpoint.
2 Source: IDG Consulting.
3 Based on the trailing twelve-month period ended September 30, 2021. Combines Take-Two’s Adjusted Unrestricted Operating Cash Flow of $467 million and Zynga’s Operating Cash Flow of $302 million.
4 Due to different fiscal year ends, appropriate modifications were made to calculate information based on Take-Two’s fiscal year end.
Approvals and Close Timing
The transaction, which is expected to be completed during the first quarter of Take-Two’s Fiscal Year 2023, ending June 30, 2022, is subject to the approval of both Take-Two and Zynga stockholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.
The transaction has been unanimously approved by the Take-Two and Zynga Boards of Directors. Moreover, each director and executive officer of Take-Two and Zynga have entered into voting agreements to support the transaction.
Gaming
Avalanche and Helika Launch New Gaming Accelerator – Applications Now Open

The Avalanche Foundation and Helika, a leading provider of technical and creative solutions for the video games industry, have officially launched their joint video game accelerator program and opened applications for the first cohort.
The newly announced strategic partnership is designed to engage both Web3-native studios and traditional game developers exploring blockchain integration. The accelerator aims to identify and support the next generation of studios building at the frontier of blockchain-based gaming.
The program is focused on product interaction and is designed to discover, support, and fast-track promising studios and projects building on the Avalanche blockchain. It will provide selected projects with unparalleled access to resources, mentorship from industry leaders, technical support, activations, and funding opportunities for qualifying or top-performing teams.
The accelerator is open to seasoned teams building high-quality, engaging experiences across platforms, from mobile to desktop and everything in between. Projects with prior traction or cross-platform aspirations are especially encouraged to apply.
The program will run for 3 months, with virtual onboarding and IRL showcases planned across major gaming and blockchain events.
What selected teams get:
Funding & Resources: $25,000 in initial support and up to $125,000 in additional funding for qualifying or top-performing teams.
Expert Guidance: Mentorship from game veterans, blockchain experts, and industry leaders through group sessions and 1:1 consultations.
Analytics Support: Comprehensive analytics solutions to track performance, improve retention, and optimize monetization strategies.
Blockchain Integration: Dedicated assistance for integrating with the Avalanche blockchain and optimizing technical performance.
Community & Growth: Activations with partner communities and platforms and support in player acquisition, community building, go-to-market strategies.
Helika Advisory Access: Access to specialized experts from Helika’s network for tailored support.
Ecosystem Access: Direct connection to a vibrant network of developers, investors, publishers, and Web3 enthusiasts.
Showcase Opportunities: A final Demo Day event to present games to investors, publishers, and ecosystem partners.
“We are excited to partner with the Avalanche Foundation to create a world-class accelerator for Web3 gaming. Avalanche’s robust and scalable infrastructure makes it an ideal environment for innovative game development. Studios need tools that work, data that matter, and real support from people who understand what it means to build in this space — this accelerator provides all of that, plus a direct line into a powerful Web3 ecosystem,” said Anton Umnov, Founder and CEO of Helika.
“Avalanche is focused on the long game. There’s no shortage of flashy ideas. What’s missing is the support that helps studios turn those ideas into real, playable, scalable games. Avalanche has long been the go-to chain for speed and innovation, and now we’re channeling that energy into the future of gaming, supporting teams who understand the nuance of player experience, community building, and long-term value creation,” said Parker Heath, Ava Labs Gaming Partnerships Lead.
Avalanche plays host to a vibrant lineup of video games, including Off The Grid and Maple Story Universe, all pushing the boundaries of what’s possible in blockchain-powered play. Thanks to its customizable Avalanche L1s, lightning-fast transaction speeds and low fees, developers can tailor unique environments for their games without compromising on user experience.
Helika has become a cornerstone for modern game studios, equipping developers with real-time insights into player behavior, on-chain economies, and engagement metrics. From Proof of Play and Parallel to Nexon, Ubisoft, and Com2Us, Helika’s platform is shaping how developers build, balance, and scale their games in real-time. This accelerator takes that impact further by embedding support into the earliest stages of development when it matters most.
Gaming
Unlocking games revenue: player behavior and payment trends in the west | Newzoo x Tebex Whitepaper

Tebex, the leading payments solution for gaming, reaching $1Bn in processed payments and powering over 30,000 web stores, is launching the first industry-wide look at payment trends in EU and NA with Newzoo on Tuesday, August 12 at 09:00 AM CEST.
Why This Data Matters
In a maturing Western games market with slowing payer growth (North America: +1.1% CAGR, Europe: +3.1% CAGR, 2023-2027), studios must shift from acquiring new players to maximizing value from existing ones. The data reveals critical insights into player motivations, spending patterns, and payment preferences, enabling developers to craft targeted monetization strategies that boost revenue, enhance retention, and align with player expectations.
Global Market Snapshot (2025)
- Market Size: $188.9B (+3.4% YoY), with North America ($52.7B, 28%) and Europe ($33.1B, 18%) driving 46% of global spend despite housing only 20% of players (3.54B total).
- Payer Spending Power: North America leads with $324.9 avg. annual spend per payer; Europe averages $125.4 ($170.0 Western, $51.6 Eastern).
- Value: High per-payer spend in Western markets highlights the opportunity to deepen monetization through tailored strategies.
Spending Motivations Drive Strategy
- North America: 34% of payers spend to unlock exclusive content, 29% for personalization (character customization), reflecting a desire for self-expression. Studios can capitalize by offering unique cosmetics and content packs to drive engagement.
- Europe: 28% prioritize deals/offers, 21% value ad-free experiences, showing value-driven behavior. Discounted bundles and subscription models can increase conversion in this region.
- Value: Understanding regional motivations allows studios to align offerings with player priorities, enhancing loyalty and spend.
Diversified Spending Patterns
- North America: 27% of payers invest in content packs, power-ups, and in-game currencies, with subscriptions (24%) and battle passes (23%) also strong.
- Europe: In-game currencies and content packs lead (21% each), followed by subscriptions (20%) and gear/time-savers (18% each).
- Value: Diverse spending across virtual goods underscores the need for varied monetization options to capture a broad range of player preferences, boosting average transaction value (ATV).
Payment Methods Unlock Higher Spend
- ATV Trends (2025): Overall, ATV rose from $30 (2024) to $40. BNPL (North America: $85.0, Europe: $72.0) and crypto (North America: $94.8, Europe: $111.6) outperform cards (North America: $52.2, Europe: $42.7).
- Dual-Method Impact: Players using cards + BNPL/crypto maintain transaction frequency while spending more.
- Value: Offering alternative payment methods like BNPL and crypto can significantly increase ATV, especially in Western markets, without sacrificing transaction volume.
Revenue by Platform and Genre
- Microtransactions (MTX): Drive 49% of PC and 52% of console revenue in North America; 42% (PC) and 51% (console) in Europe. Mobile is near 100% in-game revenue.
- Top Genres: North America favors shooters, Europe prioritizes sports, with RPGs and puzzles strong in both.
- Value: High MTX revenue and genre preferences guide studios to focus on live services and region-specific content to maximize engagement.
Strategic Takeaways
- Deepen Monetization: With modest payer growth, studios must focus on existing players by offering personalized content and value-driven deals.
- Diversify Payment Options: Cards and wallet still dominate in volume, but integrating BNPL and crypto can unlock higher ATV, especially in Western markets.
- Align with Player Values: Transparency, fairness, and seamless payment experiences reduce churn and build loyalty in a competitive market.
- Understand the why and how players spend: NA players are more likely to spend for personalization and self-expression, while EU players are more value-conscious, prioritizing deals and an ad-free experience.
Quotes
Liam Wiltshire Head of Payments & Compliance at Tebex
“The future of gaming is about flexibility – meeting players where they are, with the methods they trust.”
This quote summarizes the importance of adapting to player-preferred payment methods like wallets, BNPL, and crypto to enhance accessibility and trust.
“Virtual currencies and microtransactions are no longer just revenue streams – they’re becoming strategic levers for retention and differentiation.”
This emphasizes the evolving role of microtransactions beyond revenue, focusing on engagement and player retention.
“Today’s players want to know what they’re paying for – and why. How you monetize matters more than ever.”
This highlights the need for transparency and fairness in monetization to build player trust and loyalty.
Gaming
Global Gaming League Launches New Era of Competitive Video Gaming with T-Pain vs. NE-YO Showdown and More

The Global Gaming League (GGL) announced its first season of year-around competitions titled SZN Zero. Backed by entertainment visionary Clinton Sparks and Grammy-winning artist and streaming icon T-Pain, the GGL is the first-of-its-kind, multi-title, live-action gaming entertainment league, where professional gamers, influencers, and casual players compete side-by-side in front of live audiences in Las Vegas and available globally on major platforms. Teams compete in popular game titles ranging from Call of Duty and Rocket League to Tetris and Street-Fighter.
Each event will feature two celebrity owned teams made up of four players each – high profile influencers, actors, athletes, artists, and both professional and casual gamers – facing off in four round matches covering four different genres. Superstar hosts and half time shows from major artists will turn up the entertainment factor. SZN Zero events will take place in Las Vegas, building up to a championship match in November live from the iconic Palms resort and casino, and the Global Gaming League will continue with SZN One in 2026.
SZN Zero’s first competition on August 23rd will feature T-Pain’s team Nappy Boy Grizzlies against three-time, Grammy award-winning hitmaker NE-YO and his Gentleman’s Gaming Team – finally facing off after months of social media trash talk and rivalry about who’s better at Tekken. The event will stream live on the GGL’s YouTube channel and other major platforms.
T-Pain, who is GGL’s Director of Strategy, was the league’s first team owner. NE-YO joins previously announced owners Flavor Flav and Bryce Hall along with Gillie Da Kid & Wallo.
“We wanted to build something that brought gamers from different backgrounds and cultures together in a unique way that was equally fun and competitive. With SZN Zero, we will introduce an authentic and relatable form of entertaining competition that will converge music, fashion, celebrity, and culture bringing the biggest form of entertainment in the world – video gaming – to the masses,” said Clinton Sparks, Founder and CEO of the Global Gaming League.
“Gaming is just as important as music or any other sport, to me. NE-YO had some words for me on socials, I heard enough of what he had to say and felt it was time to show him that I actually do this. But honestly I’m just ready to have some fun with my friend, because bottom line, that’s what gaming is all about. Now folks will just have to see what happens on August 23rd when we face off in Las Vegas at the GGL SZN Zero launch,” said T-Pain.
NE-YO responded: “Honestly, I was trying to connect with T-Pain to maybe be part of his team but when he kept blowing me off and then I saw that video of him talking about my lips, I decided the only way to get his attention would be to call him out. Now, we’ll see just how good he really is – or isn’t – when we go head to head.”
World-class Publishers such as Activision Blizzard, Bandai Namco, Capcom, EA, Tetris, and Ubisoft have all agreed to allow GGL to use some of the most popular and challenging games during SZN Zero, attracting a new audience and offering viewers a unique and compelling gaming experience. In addition to YouTube, the Global Gaming League SZN Zero will be available on other major streaming platforms in partnership with Dooya Media Group.
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