GLOBAL GAMING REPORT 2025

www.drakestar.comGLOBAL GAMINGREPORT 2025LOS ANGELES | SAN FRANCISCO | NEW YORK | LONDON | PARIS | MUNICH | BERLIN | DUBAIwww.drakestar.comDrake Star Securities LLC is regulated by FINRA and is a member of SIPC. All securities in the UK, are transacted through Drake Star UK Limited (FRN 942020) an appointed appointed representative of Razlin Ltd (FRN 730805), which is authorized and regulated by the FCASALE TOMobile / Online GamingSALE TOAAA Game DeveloperPower RangersMobile / Console GamesMobile GamesGame Review and AdvertisingSALE TO* Transactions executed by current Drake Star Partners employees while employed at other firms2www.drakestar.comPROVEN TRACK RECORD IN GAMING M&A AND GROWTH FINANCING ADVISORYGaming Audience AI / Analytics ******MOHIT PAREEKPartnerLos Angelesmohit.pareek@drakestar.comJULIAN RIEDLBAUERPartnerBerlinjulian.riedlbauer@drakestar.com**MICHAEL METZGERManaging PartnerLos Angelesmichael.metzger@drakestar.comwww.drakestar.comRECORD YEAR FOR GAMING M&A3Deal CountNote: Public Markets include IPOs, SPACs, and Public FinancingsSource: CapIQ, Pitchbook & DSP ResearchNote: Deal count includes announced M&A, private placement, IPOs, SPACs, and public financing deals.Deal Value ($B)•Q4 saw two gaming-related M&A announcements from streaming giant Netflix: Warner Bros. and Ready Player Me (Drake Star was advisor), marking a notable shift given Netflix’s relatively limited M&A activity in recent years. Other significant transactions included Kakao Games’ $150M divestment of its golf simulation subsidiary, NCSoft’s $104M acquisition of mobile developer Indygo Group, SUD’s $72M purchase of game engine company COCOS, and Nintendo’s acquisition of Bandai Namco Studios Singapore. •Q4 saw strong growth in private company financings, with 136 rounds. Highlights included Luma AI’s $900M Series C, General Intuition’s $135M seed, and multiple $30M rounds from CloudX, Cypher Games, and TaleMonster Games, plus Lexip’s $22.4M raise. •In public markets, Embracer spun off Coffee Stain, Asmodee announced a $371M debt raise, and Kakao Games announced a $78M capital increase.Q4’25 Summary202 5 SummaryPublic MarketsPPM&A$161BDisclosed Value (Announced)759Deals (Announced)•2025 was a landmark year for gaming M&A with two mega deals: the $55B leveraged buyout of Electronic Arts (EA) by a consortium led by PIF and the Netflix’s $82.7B announced acquisition of Warner Bros., including Warner Bros. Games! In parallel, Paramount–Skydance launched a hostile $108.4B bid for Warner Bros. Discovery, underscoring the scale and intensity of consolidation across media and gaming. •Other notable M&A deals included the $3.5B acquisition of Niantic’s gaming business by Savvy / Scopely and the $800M sale of Applovin’s gaming division to Tripledot. Netflix also acquired the avatar tech company Ready Player Me in Q4’25 (Drake Star was the exclusive financial adviser on the deal).•Private financings were led by mobile and AI. Major mobile deals i