Netflix to Acquire Finland’s Next Games for $72 Million

variety.com:

Todd Spangler NY Digital EditorNetflix, in its second games-related acquisition, plans to buy Next Games, mobile games developer based in Finland, for $72 million.Founded in 2013, Next Games has created games based on popular entertainment franchises, including story-driven puzzle game “Stranger Things: Puzzle Tales” and two based on hit zombie series “The Walking Dead.”Helsinki-based Next Games had about 120 employees at the end of 2021 and reported sales of approximately €27.2 million ($30 million) in 2020 with 95% of revenues generated from in-game purchases.The deal comes less than six months after Netflix’s acquisition of Night School Studio, a game developer best known for its supernatural mystery adventure title “Oxenfree.” Netflix has launched a selection of games, starting with handful of mobile titles, as an extension to its core video-entertainment for no extra charge. “Next Games has a seasoned management team, strong track record with mobile games based on entertainment franchises, and solid operational capabilities,” said Michael Verdu, VP of games for Netflix, in a statement. “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.”Netflix’s deal for Next Games is expected to close in the second quarter of 2022, subject to customary closing conditions.

Under the terms of the agreement, Netflix is offering €2.10 ($2.33) in cash per share of Next Games, for a total equity value of approximately €65 million ($72 million).AMC Networks, home of “The Walking Dead,” is a major shareholder in Next Games.