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Torchlight 3 studio Echtra Games acquired by Zynga

By Stephany Nunneley, Wednesday, 3 March 2021 18:27 GMT The studio will work with Zynga’s NaturalMotion on a currently unannounced RPG for cross-platform play.Echtra Games is the developer of Torchlight 3 and is made up of former Runic Games developers which created the first two Torchlight games. The studio is led by founder Max Schaefer, who previously worked on Diablo, Diablo 2, and all Torchlight titles.According to Zynga, the studio’s pedigree is what drew the company to make the acquisition, via GI.biz.“Max and his team at Echtra Games are responsible for some of the most legendary game properties ever created,…

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GameStop stock hit record high after Reddit-backed short squeeze

GameStop stock surged to its highest recorded share price over the weekend, hitting $76.76 per share on Friday, up nearly 80% in a single day.GameStop’s stock had been steadily rising for the past week, coming up from nearly $20 per share on January 12 and hitting the peak value on Friday thanks to an ongoing campaign from users on the subreddit WallStreetBets and some campaigns by YouTube and TikTok investment accounts (thanks, GamesIndustry.biz).As per Bloomberg (paywall), Friday’s flurry of Reddit-fuelled day-trading made GameStop (or GME) the most actively-traded US stock on the day and even causing trading to be halted multiple times…

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Tencent acquires majority stake in Don’t Starve studio Klei Entertainment

China-based company Tencent has acquired a majority stake in Don’t Starve developer Klei Entertainment.According to a Klei Entertainment forum post, the Candian studio’s founder Jamie Cheng said the partnership will help the studio “navigate a changing industry,” and allow it to “focus on what we want to do best” (thanks, Gematsu).As part of this agreement, Klei will retain full autonomy of creative and operations across all aspects of the studio, including projects, talent, and more. There are no plans for Cheng to step down, nor will there be changes to staff, projects, or other operations.“Klei has been around for 15…

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NPD: Switch was the best-selling console in December and 2020

Nintendo Switch was the best-selling console in the US for December and 2020, and the newly released PS5 console followed in sales. The NPD December 2020 report has been released, and it finds total industry spending up 25% year-over-year, and up 27% for the entire year. In December, the market pulled in $7.7 billion, and $56.9 billion for the year. Hardware dollar sales reached $1.35 billion during December, up 38% year-over-year (yoy), making it the highest total December month since 2013 when $1.37 billion was pulled in.Annual hardware dollar sales totaled $5.3 billion, 35% higher yoy, and the most since…

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Codemasters in talks to sell to Rockstar parent company Take-Two

By Stephany Nunneley, Friday, 6 November 2020 17:22 GMT The Board of Codemasters has confirmed it is in talks with Take-Two regarding a possible offer.A non-binding proposal from Take-Two has been sent to Codemasters in order to acquire the entire company, according to Street Insider and confirmed by Take-Two in a press release.The deal would be worth £740 million, but it’s not clear how much the company will pay for Codemasters, or even if a deal will go through at this time because again, it’s just talks.Codemasters is known for its racing titles and holds the rights to games such as…