Netflix, the world’s biggest streaming company, is buying Finnish mobile games developer Next Games in a €65 million ($72.14m) deal that will expand the company’s reach and diversify its business beyond its core activity of streaming.
Under the terms of the agreement, it will commence a tender offer to acquire all of the issued and outstanding shares of Next Games, Netflix said on Tuesday.
“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.
“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.”
This is a unique opportunity to level up the studio on all fronts and continue on our mission together
Teemu Huuhtanen,
chief executive, Next Games
Next Games, the publicly listed developer of The Walking Dead games, specialises in games based on entertainment franchises, such as movies, TV series or books.
Gaming is booming as the threat from Covid-19 recedes.
The global mobile gaming market is expected to grow at a compound annual rate of 11 per cent, to $272 billion by 2030, according to ResearchAndMarkets. The category is already bigger than the PC and console gaming markets combined, contributing about 57 per cent to the $173bn in global video games revenue last year.
Next Games shareholders will receive €2.10 per share of the gaming company, for a total equity value of approximately €65m, the statement said. The offer has been recommended by the mobile game company’s board of directors.
The transaction is expected to close in the second quarter of 2022, subject to customary closing conditions.
“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,” Teemu Huuhtanen, chief executive of Next Games, said.
“Our close collaboration with Netflix on Stranger Things: Puzzle Tales has already proven that together we create a strong partnership. This is a unique opportunity to level up the studio on all fronts and continue on our mission together.”
“Next Games has a seasoned management team, strong track record with mobile games based on entertainment franchises and solid operational capabilities,” Mr Verdu said.
Netflix made its first foray into gaming after it acquired Night School Studio last September. The company’s push into the sector comes as its own subscriber growth slows amid increased competition.
Netflix added 18.2 million customers in 2021, down about 50 per cent from the record number it had garnered in 2020 when lockdowns around the world caused membership to soar.
The company forecasts that the slowdown will continue for another quarter or longer.
It said it has 222 million paying members in more than 190 countries.
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Women:
55kg brown-black belt: Amal Amjahid (BEL) bt Amanda Monteiro (BRA) via choke
62kg brown-black belt: Bianca Basilio (BRA) bt Ffion Davies (GBR) via referee’s decision (0-0, 2-2 adv)
70kg brown-black belt: Ana Carolina Vieira (BRA) bt Jessica Swanson (USA), 9-0
90kg brown-black belt: Angelica Galvao (USA) bt Marta Szarecka (POL) 8-2
Men:
62kg black belt: Joao Miyao (BRA) bt Wan Ki-chae (KOR), 7-2
69kg black belt: Paulo Miyao (BRA) bt Gianni Grippo (USA), 2-2 (1-0 adv)
77kg black belt: Espen Mathiesen (NOR) bt Jake Mackenzie (CAN)
85kg black belt: Isaque Braz (BRA) bt Faisal Al Ketbi (UAE), 2-0
94kg black belt: Felipe Pena (BRA) bt Adam Wardzinski (POL), 4-0
110kg black belt final: Erberth Santos (BRA) bt Lucio Rodrigues (GBR) via rear naked choke
More on animal trafficking
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Racecard
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The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
Janet Yellen's Firsts
- In 2014, she became the first woman to lead the US Federal Reserve
- In 1999, she became the first female chair of the White House Council of Economic Advisers
