In 2026, the gaming industry witnessed significant mergers and acquisitions, even while facing challenges in the mobile sector. On August 4, 2026, the Saudi Arabian Public Investment Fund finalized the acquisition of EA for US$ 55 billion, establishing the largest LBO (Leveraged Buyout) in history. Five months before this event, the same fund had invested US$ 6 billion in Moonton, owner of MLBB.
During the period between the two transactions, the mobile gaming market experienced a 12% retraction in downloads and a 2% decrease in revenue generated by players. Despite the sharp market decline, the amounts paid were high, indicating discrepancies in indicators.
According to surveys by Drake Star, the 2026 figures are notable. In the first quarter, 51 M&A deals were recorded, totaling over US$ 100 billion in disclosed value. Although the mobile segment was a driver of this movement, the most prominent deal was the union between Paramount and Warner Bros. Discovery – which includes Warner Bros. Games – and the purchase of Moonton by Savvy Games, valued at US$ 6 billion.
Other significant acquisitions included Scopely's purchase of majority stakes in Loom Games (valued at over US$ 1 billion), and NCSOFT's acquisition of JustPlay (valued at US$ 202 million). The acquisition of Bluetile Games by Nazara, the purchase of a stake in NetEase by Mattel in Mattel163, and the acquisition of Budge Studios by Haveli were also noteworthy.
In addition to acquisitions, private financing reached substantial figures, totaling 106 deals with an aggregate value of US$ 785 million in the first quarter. In the second quarter, Drake Star reported positive results, with 51 transactions maintaining a 'healthy' level, totaling US$ 1.4 billion. These transactions mainly involved PC/console and mobile game studios, as well as small and medium-sized enterprises.
Among the second-quarter deals, the acquisition of Playstack by IMC (a TPG investment vehicle), the repurchase of management of CCP Games by Pearl Abyss, the purchase of Hipster Whale by Atari, and the acquisition of Metacore by Supercell stand out. Private financing in this quarter exceeded US$ 2.5 billion, making it the strongest in the last 12 months and the second largest in the last three years.
However, these totals still do not surpass the volume of 2025, which registered US$ 161 billion in disclosed value. This amount was driven by the US$ 55 billion LBO of EA and the US$ 82.7 billion offer from Netflix to Warner. The difference lies in the counting methodology: both 2025 deals were recorded on the announcement date. The EA LBO, announced on September 29, 2025, and the Netflix offer to Warner, were included in that year's accounting.
Although the EA money was only transferred in August 2026, after approval by the US foreign investment committees and the European Commission on September 21, Paramount sealed a deal with the 12 states contesting the purchase of Warner Bros. Discovery. This allowed the US$ 110 billion deal to be concluded before the end of the month. If both operations are accounted for by the closing date, 2026 concentrates the largest LBO and the biggest merger in Hollywood history involving game studios. Despite this, in terms of announced value, 2025 remains higher, but in terms of effectively paid value, 2026 has no historical precedent.
Even with numerous acquisitions in the mobile sector, the first half of 2026 recorded US$ 40 billion in player spending, representing a 2% drop compared to the previous year. The situation is worsened by a 12% drop in downloads, totaling 24 billion. Additionally, the first quarter showed 11.9 billion game installations, the worst first-quarter record since 2019, according to Sensor Tower.
The report also points to advertising as an increasingly vital revenue source for mobile game publishers, especially due to reduced consumer spending. According to the company, developers are prioritizing hybrid monetization strategies, combining in-app purchases with advertising to compensate for the audience slowdown.
It is crucial to note that Sensor Tower only considers data from Apple's App Store and Google Play, excluding D2C (Direct-to-Consumer) data, alternative Android stores in China, and ad revenue. Incorporating this data changes the numbers significantly, as evidenced by the Newzoo survey. The latter points to a value of US$ 113.3 billion for 2025, contrasting with Sensor Tower's US$ 81.75 billion, and projects US$ 121.1 billion for 2026.
The paradox is explained by the increase in customer acquisition cost. The cost per install rose by 30% in 2025, reaching US$ 0.56, while downloads continued to fall for the second consecutive year. Faced with a restricted funnel and expensive acquisitions, it becomes more advantageous to acquire a studio already with a base of paying users than to compete for new users. Furthermore, the profile of the buyers is relevant: sovereign funds operate with a long-term horizon, without the pressure of immediate quarterly results. Thus, mobile has not stopped generating revenue, but rather has ceased to show growth, transforming it into an opportunity asset.
