(Next Games) Shares of Next Games rose 119% on Wednesday after confirming a $72 million acquisition deal by streaming giant Netflix.
Netflix is expected to pay 2.10 euros or $2.33 in cash for each share of Next Games, with the acquisition seen as a further push by the streaming giant into gaming.
Next Games is a core studio addition by Netflix, which the company expects to use to remain competitive by replicating its intellectual property while launching hit titles in the industry.
The acquisition follows similar trends in the industry, with companies such as Sony and Microsoft finding a lot of success by acquiring smaller gaming studios.
The deal is expected to close in the second quarter of this year.
Next Games, founded in 2013, was behind the mobile game “Stranger of Things.”
NXTGMS: HEL is up +119.12%, NFLX: NASDAQ is down -0.57%.
