ZeniMax Acquisition, Valuation, Funding & Investors

Moon Active is a Tel Aviv-headquartered mobile game developer renowned for Coin Master, a social casino adventure game with over 100 million downloads on iOS and Android. The studio produces engaging titles blending slot mechanics, village building, and multiplayer raids, distributed globally via app stores and Facebook. It maintains a top position among free-to-play gaming companies.

Oriental Pearl Group Co Ltd operates a media integration and distribution platform in China. The various business units of the company comprise Channel Products Operation, Video Shopping, and E-Commerce, Culture and Entertainment Themed Tourism, Mobile Transmissions and Video Games among others.

Improbable is a London-headquartered technology company that develops SpatialOS, a cloud-based platform enabling massive multiplayer simulations for gaming and industrial applications. Founded in 2012, the firm powers large-scale virtual worlds in titles like Scavengers Studio's games and collaborates with defense sectors for urban planning simulations. Improbable's infrastructure distributes computational loads across server swarms, supporting persistent environments with thousands of dynamic entities, and extends to sectors like autonomous vehicles through its M series simulators.

Epic Games is an American video game and software developer and publisher based in Cary, North Carolina. It makes Fortnite, whose free-to-play Battle Royale mode launched in September 2017 on computers, consoles and mobile devices, as well as the Unreal and Gears of War series, and develops Unreal Engine, a commercially licensed game engine used by other developers. The company earns revenue from in-game purchases in its own titles, licence fees and royalties on Unreal Engine, and the Epic Games Store, a PC storefront launched after Fortnite's success. It owns the studios Psyonix, Mediatonic and Harmonix. Tim Sweeney founded the business as Potomac Computer Systems in 1991 in Potomac, Maryland; it became Epic MegaGames in 1992 and took the Epic Games name after moving to Cary in 1999. Sweeney remains the controlling shareholder with about 41.4%, while Tencent, which bought 40% of the company in 2012, holds about 28%, The Walt Disney Company about 9%, Sony 5.4% and Kirkbi 3.2%. Epic reported revenue of about $6 billion in 2022, was valued at $32 billion in April 2022 and employs more than 4,000 people.

Spotter is a creator services platform supporting YouTube influencers with funding, AI software, and community resources. It has deployed $940 million to creators, powering a catalog of 725,000 videos that generate 88 billion monthly watch-time minutes. Brands access transparent, brand-safe ad inventory through its media solutions.

1047 Games is a Zephyr Cove-based remote video game development studio behind Splitgate, a free-to-play multiplayer arena shooter combining fast-paced combat with portal mechanics. Founded in 2016, the team operates distributed across the United States, releasing updates, seasonal events, and cross-platform play on PC, PlayStation, Xbox, and Steam.

Kabam is a San Francisco-headquartered entertainment company building free-to-play games for mobile and web platforms. The studio produces social, strategy, action, arcade, sports, and role-playing titles such as The Hobbit: Kingdoms of Middle-earth. With offices in Los Angeles, Austin, Vancouver, Beijing, London, and Berlin, Kabam reached over 100 million players before its 2017 acquisition by Netmarble.

Krafton Inc is a South Korea-based game developer and publisher engaged in creating and distributing PC, mobile, and console games. Its activities also extend to game software services, mobile app development, video content production, and related investment and consulting work. The company manages multiple studios, including PUBG Studio, Bluehole, RisingWings, Striking Distance Studios, Dreamotion, and Unknown Worlds, and is known for titles such as PUBG: Battlegrounds, New State Mobile, BGMI, Defense Derby, The Callisto Protocol, Ronin: The Last Samurai, Road to Valor, Moonbreaker, and Subnautica.

Kakao Entertainment is a South Korean entertainment and content company headquartered in Seongnam. It was created in March 2021 when Kakao Page absorbed Kakao M, combining a digital storytelling platform business with a music, video and artist management business. Its Page Company side runs webtoon and web novel platforms, including Kakao Page, Daum Webtoon and overseas services, while its M Company side covers music distribution, record labels, artist management, drama and film production. It is a subsidiary of Kakao Corp, with financial investors holding minority stakes. The company earns revenue from content sales and subscriptions, advertising, music and artist activities, and intellectual property licensing for adaptations into series and films. It has built its overseas presence partly through acquisitions of North American platforms such as Tapas and Radish.

Square Enix is a Japanese video game publisher and entertainment company that was formed in 2003 through the merger between Square and Enix. The company is best known for its role-playing game franchises such as Final Fantasy, Dragon Quest, Kingdom Hearts, and Nier. The company also operates publishing, merchandise, and amusement businesses.

CD Projekt Red SA is engaged in developing and publishing video games for personal computers and latest-generation consoles. The studio's flagship titles include The Witcher series and Cyberpunk 2077.

International Games System Co Ltd plans, designs, researches, develops, manufactures, markets, and services commercial electronic arcade games, related software and hardware products, online games and mobile games. It offers arcade game, online game, mobile game, simulator machine games and online games. All the business activity is operated through Taiwan. There are two segments namely: Arcade game division, which derives maximum revenue and Online game division.

General Intuition is an AI research lab founded in 2025 as a spin-off from Dutch video platform Medal headquartered in New York and Geneva. Raised $133.7 million in seed funding from Khosla Ventures and General Catalyst one of 2025's largest early-stage AI investments. Develops spatial-temporal reasoning AI using Medal's dataset of 2 billion+ gameplay videos annually to train agents that understand how objects move through space and time. Applications include AI-powered gaming NPCs and search-and-rescue drones.

Founded in 1932, Toho traces its roots to Kobayashi Ichizo's Takarazuka Revue enterprise, building the Tokyo Takarazuka Theater as its flagship stage for musical theater. Today, Toho is Japan's largest film distribution and exhibition company, operating the Toho Cinemas chain and best known for its Godzilla franchise. In 2012, Toho launched an in-house anime unit. Toho also runs a real estate segment, earning stable income mainly from office, retail, and hotel properties in prime central Tokyo locations such as Hibiya and Yurakucho.

CMC Inc. is a Chinese media and entertainment group founded by Li Ruigang and headquartered in Shanghai, with offices in Beijing and Hong Kong. It was set up as CMC Holdings and adopted its current name when it completed its Series A financing in 2018. The group develops, produces and distributes film, television and live entertainment content and runs businesses across film and television entertainment, interactive entertainment, sports and cultural tourism. Its holdings have included the production company Gravity Pictures, the film distributor CMC Pictures, the animation studio Pearl Studio, formerly Oriental DreamWorks, the studio Shaw Brothers and the cinema chain UME Cinemas. It is behind Chinese versions of television formats such as The Voice. The group earns money from content production and licensing, film distribution, cinema operation and events. Alibaba and Tencent are among its shareholders. It is a separate business from the private equity manager CMC Capital, which Li also founded.

Nexstar is the largest television station owner-operator in the United States with over 200 stations in 116 markets, reaching 220 million people. Of its 200 stations, 155 are affiliated with the four national broadcast networks: CBS, Fox, NBC, and ABC. Pending approval, Nexstar’s merger with Tegna would bring Nexstar’s station total to 259 in 133 markets, reaching 80% of the US population. Nexstar also owns NewsNation (formerly WGN), a cable news network, 75% of the fifth national broadcaster, the CW, and a 31% stake in Food Network and Cooking Channel.

Bilibili is a Chinese online entertainment platform best known for its YouTube-like video-sharing service. Founded in 2009, it initially focused on long-form content centered around anime, comics, and gaming, or ACG, catering primarily to Generation Z users. Over time, the platform has expanded its content ecosystem to cover a broader range of interests, successfully attracting a more diverse audience beyond its original Gen Z base.

TBS Holdings Inc is a Japanese media and broadcasting holding company that operates television businesses through its subsidiaries. The company operates through three reportable segments: Media & Content Business, Lifestyle Business, and Real Estate & Other Business. The Media & Content Business includes television and radio broadcasting, event planning, video software production, and distribution. The Lifestyle Business handles general merchandise retail, beauty and wellness services, private tutoring, and early childhood education. The Real Estate & Other Business segment involves land and building rentals. It generates the majority of its revenue from the Media & content business segment.