ReutersAug 20, 2019 03:16:30 IST
(Reuters) – PlayStation console maker Sony Interactive Entertainment said on Monday it would buy privately held Insomniac Games Inc, known for developing games such as Marvel’s “Spider-Man” and third-person shooter “Ratchet & Clank” franchise.
The deal will help the console maker, a unit of Japan’s Sony Corp , boost its game offerings ahead of the launch of rival game streaming services from companies, including Alphabet Inc’s
In its bid to maintain market share in the $150 billion global video gaming market, Sony in March partnered with main rival Microsoft Corp
Founded in 1994, Insomniac Games has worked with Sony for more than 20 years, starting with the first PlayStation. Last year, it developed “Spider-Man” in partnership with Marvel Games, which is owned by Walt Disney Co
Insomniac will also release Stormland, an action-adventure virtual reality game for Facebook Inc’s
Sony did not disclose the financial terms of the deal.
(Reporting by Supantha Mukherjee in Bengaluru; Editing by Anil D’Silva)
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