Sony, Lego Owner Kirkbi to Invest $2 Billion in Epic Games

thewrap.com:

Monday announced a $2 billion investment from Sony and Kirkbi, the family-owned holding and investment company behind The Lego Group.

Epic said it plans to use the funding for expansion, including the development of projects for the metaverse. Epic will continue to have only a single class of common stock outstanding and remains controlled by its CEO and founder, Tim Sweeney.Epic’s post-money equity valuation stands at $31.5 billion — that’s a significant jump from just last April, when the company raised $1 billion in a new funding round at a $28.7 billion valuation.

The closing of the new Sony-Kirkbi investment is subject to customary closing conditions, including regulatory approvals.“As we reimagine the future of entertainment and play we need partners who share our vision.

We have found this in our partnership with Sony and KIRKBI,” Sweeney said in a statement. “This investment will accelerate our work to build the metaverse and create spaces where players can have fun with friends, brands can build creative and immersive experiences and creators can build a community and thrive.”Kenichiro Yoshida, chairman, president and CEO of Sony Group Corporation, said in a statement: “As a creative entertainment company, we are thrilled to invest in Epic to deepen our relationship in the metaverse field, a space where creators and users share their time.