Disney's budget took a significant hit with the failure of the latest Indiana Jones installment, failing to recoup its costs and achieve box office success. It is reported that the company is now grappling with a loss exceeding $130 million.
Turtle Beach Is Buying Fortnite Festival Guitar Creator PDP for $118 Million
13.03.2024 - 23:17 / ign.com / Kat Bailey
Turtle Beach is acquiring Performance Designed Products [PDP] in a $118 million deal that brings together two major third-party gaming accessory manufactuers.
In a release announcing the merger, Turtle Beach said that it expects the acquisition to "provide additional scale and create future development opportunities." Turtle Beach says it expects the deal to drive 2024 net revenue in the range of $370 million to $380 million.
"Acquiring PDP at an attractive valuation multiple relative to the trading multiples of peers implies potential significant upside in market value for the combined company," Turtle Beach said.
As part of the deal, Los Angeles-based private equity firm Diversis Capital, currently PDP's major owner, will become Turtle Beach's largest shareholder at 16 percent. Turtle Beach also announced that it is appointing Cris Keirn, who has served as interim CEO since July 2023, as the company's CEO going forward.
Turtle Beach was established back in 1975 and over the years has made a name for itself in gaming with its headsets, controllers, and other accessories. In our recent list of the best PC controllers for gaming, we listed the Turtle Beach Recon and the Turtle Beach Stealth Ultra as two of the best options available in 2024.
As for PDP, it is set to release the Riffmaster wireless guitar controller later this year, which will be compatible with Rock Band 4 and eventually Fortnite Festival. We were able to go hands-on with the Riffmaster in our first look at the new controller.
Turtle Beach's merger with PDP continues the overall trend of consolidation within the games industry, the most notable recent example being Xbox's blockbuster acquisition of Activision Blizzard.
Kat Bailey is IGN's News Director as well as co-host of Nintendo Voice Chat. Have a tip? Send her a DM at @the_katbot.
The website gametalkz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
Top Authors
Popular Topics
wccftech.com
29.03.2024 / 12:19
Intel Next-Gen CPU Cores & Families Unearthed: Douglas Cove For Adams Lake & Sheldonmont For Cooper Forest
Intel has some new cores in town and two new CPU families as revealed in the latest Linux Code patches which have unearthed the Adams Lake "Client" and Cooper Forest "Server" chips.
wccftech.com
28.03.2024 / 15:21
Take-Two Buys Gearbox for $460 Million, Confirms New Borderlands Game Among Other Things
We knew Gearbox Software was about to be sold by Embracer, and today, Take-Two announced it had reached an agreement to purchase the 25-year-old Texan developer for $460 million.
engadget.com
28.03.2024 / 15:11
Take-Two is buying Gearbox from Embracer for $460 million
More major changes are afoot on the business side of the video game world, as a notable name is changing hands once again. Take-Two Interactive (the parent company of Grand Theft Auto publisher Rockstar and others) has agreed to buy Gearbox Entertainment from the embattled Embracer Group. The deal is worth $460 million in stock and is expected to close by June 30. It had been rumored for several months that Embracer was planning to sell off Gearbox.
rockpapershotgun.com
28.03.2024 / 15:01
Embracer sell Borderlands devs Gearbox to Rockstar parent Take-Two for $460 million in shares
Embracer have announced that they're selling Borderlands developers Gearbox Entertainment to Take-Two Interactive, owners of 2K Games and GTA 6 developers Rockstar, for $460 million in Take-Two shares. Three Gearbox Software studios - the flagship studio in Texas, together with Gearbox Montréal and Gearbox Quebec - will change hands as part of the deal. Take-Two will also acquire the Borderlands and Tiny Tina's Wonderlands franchises, together with Homeworld, Risk of Rain, Brothers in Arms and Duke Nukem.
thesixthaxis.com
28.03.2024 / 10:55
Embracer sells off Gearbox to Take-Two for $460 million
A good few months after a sale was first reported to be on the table, Embracer has now confirmed the sale of Gearbox Entertainment to Take-Two Interactive for $460 million. This brings Gearbox in house with long term publishing partner 2K Games, who still had publishing rights to the Borderlands franchise, even with the developer under Embracer’s ownership.
gamesradar.com
28.03.2024 / 10:47
Embracer sells Borderlands studio Gearbox for $460 million after acquiring it for $1.3 billion just 3 years ago
Embracer Group has sold Borderlands developer Gearbox for $460 million USD, after acquiring the developer for roughly $1.3 billion just over three years ago.
gamingbolt.com
28.03.2024 / 08:15
Take-Two Interactive Acquires Gearbox Software from Embracer for $460 Million
After months of rumors, the Embracer Group has confirmed an agreement to sell parts of Gearbox Entertainment to Take-Two Interactive for $460 million. The divested assets include Gearbox Software, Gearbox Montreal, Gearbox Studio Quebec and franchises like Borderlands, Tiny Tina’s Wonderlands, Homeworld, Risk of Rain, Duke Nukem and Brothers in Arms.
gamesindustry.biz
28.03.2024 / 05:27
Take-Two to acquire Gearbox from Embracer for $460 million
Take-Two will acquire developer Gearbox from Embracer for $460 million.
videogameschronicle.com
24.03.2024 / 08:19
Spyro and Crash studio Toys For Bob has reportedly agreed to partner with Microsoft on its next game
Skylanders, Spyro and Crash Bandicoot developer Toys for Bob has reportedly reached an agreement with Microsoft for its next game.
gamerant.com
21.03.2024 / 23:18
Fortnite Fan Has Incredible Idea for Marvel Skins
A Fortnite fan has an incredible idea to bring back the Marvel skins with a Silver Age of comics twist. Fortnite Chapter 2 Season 4 introduced a Marvel-themed Battle Pass, but this player has an idea to bring the skins back in a unique way.
gamerant.com
18.03.2024 / 20:13
Turtle Beach is Acquiring PDP
Turtle Beach has announced its acquisition of PDP, a competing third-party peripherals brand. While most gamers are probably familiar with Turtle Beach for its long-running line of headsets, PDP has mainly focused on third-party controllers for platforms like the Switch, PlayStation, and Xbox.