Sony Corporation, parent of Sony Music Group, has acquired a minority stake in Epic Games – the creator of Fortnite and Unreal Engine.
Sony has agreed to make a strategic investment of $250 million in Epic via a wholly-owned subsidiary of Sony.
"The investment cements an already close relationship between the two companies and reinforces the shared mission to advance the state of the art in technology, entertainment, and socially-connected online services," Sony said in a statement announcing the investment. "The investment allows Sony and Epic to aim to broaden their collaboration across Sony’s leading portfolio of entertainment assets and technology, and Epic’s social entertainment platform and digital ecosystem to create unique experiences for consumers and creators."
Tencent owns 40% of the North Carolina-based interactive entertainment company via a $330m investment made in 2012.
Kenichiro Yoshida, Chairman, President and CEO, Sony Corporation, said: “Epic’s powerful technology in areas such as graphics places them at the forefront of game engine development with Unreal Engine and other innovations. There’s no better example of this than the revolutionary entertainment experience, Fortnite. Through our investment, we will explore opportunities for further collaboration with Epic to delight and bring value to consumers and the industry at large, not only in games, but also across the rapidly evolving digital entertainment landscape."
Tim Sweeney, Founder and CEO of Epic, said: “Sony and Epic have both built businesses at the intersection of creativity and technology, and we share a vision of real-time 3D social experiences leading to a convergence of gaming, film, and music. Together we strive to build an even more open and accessible digital ecosystem for all consumers and content creators alike."