Key Takeaways
- • Electronic Arts agreed in September 2025 to a leveraged buyout valued at roughly $55 billion, the largest in corporate history, with Saudi Arabia's Public Investment Fund, Silver Lake and Affinity Partners as buyers, according to Quartz.
- • The deal has not closed; it still requires shareholder approval, regulatory clearance and a U.S. national security review by CFIUS, with EA pointing to completion within fiscal year 2027.
- • EA cut roughly 780 jobs in March 2023 and about 670 in February 2024, and closed Cliffhanger Games after canceling an unannounced Black Panther title.
- • The buyout places acquisition debt on EA's own balance sheet, so future cash flow must first cover interest payments, shaping any post-close staffing or development decisions.
- • Battlefield 6 launched in October 2025 with higher peak Steam concurrent players than prior series entries, giving EA a commercial win during the ownership transition.
Summary
Electronic Arts agreed in September 2025 to a buyout valued at roughly $55 billion, which Quartz describes as the largest leveraged buyout in corporate history, surpassing the 2007 take-private of the Texas utility TXU. The consortium comprises Saudi Arabia's Public Investment Fund, the private equity firm Silver Lake and Affinity Partners, the investment firm founded by Jared Kushner. PIF had already held a stake of about 10% since 2022 through its gaming arm, Savvy Games Group. EA's board approved the agreement and recommended that shareholders vote in favor.
The transaction has not closed. Shareholder approval and regulatory clearance in several jurisdictions remain outstanding, including a U.S. national security review by CFIUS. EA has pointed to completion within fiscal year 2027. Until then, the company remains publicly traded and continues reporting on its usual schedule. Leadership has framed the move as a way to plan over longer development timelines, free of quarterly reporting pressure, since major releases can require four or five years of spending before returning revenue.
The buyout follows a period of contraction. EA cut roughly 780 jobs, about six percent of its workforce, in March 2023, and about 670 more, close to five percent, in February 2024. The 2024 round canceled an unannounced Black Panther game in development with Marvel Games and closed its studio, Cliffhanger Games. Quartz notes that the video game industry broadly contracted from 2022 through 2024, with Activision Blizzard, Unity and Epic Games also announcing cuts.
Because the financing relies heavily on debt that would sit on EA's balance sheet after closing, interest payments would become a fixed cost ahead of development and hiring. Quartz cites Clear Channel and Silver Lake's earlier Dell take-private as reference points, while noting EA's recurring live-service revenue differs from advertising-driven businesses. No post-close staffing plans have been announced.
Battlefield 6 launched in October 2025, weeks after the deal was agreed, and drew peak concurrent Steam players above previous series entries. The game was developed by Battlefield Studios, which pools DICE, Criterion, Motive and Ripple Effect. The launch gave EA evidence that its teams could still deliver a major release during the ownership process.
The transaction has not closed. Shareholder approval and regulatory clearance in several jurisdictions remain outstanding, including a U.S. national security review by CFIUS. EA has pointed to completion within fiscal year 2027. Until then, the company remains publicly traded and continues reporting on its usual schedule. Leadership has framed the move as a way to plan over longer development timelines, free of quarterly reporting pressure, since major releases can require four or five years of spending before returning revenue.
The buyout follows a period of contraction. EA cut roughly 780 jobs, about six percent of its workforce, in March 2023, and about 670 more, close to five percent, in February 2024. The 2024 round canceled an unannounced Black Panther game in development with Marvel Games and closed its studio, Cliffhanger Games. Quartz notes that the video game industry broadly contracted from 2022 through 2024, with Activision Blizzard, Unity and Epic Games also announcing cuts.
Because the financing relies heavily on debt that would sit on EA's balance sheet after closing, interest payments would become a fixed cost ahead of development and hiring. Quartz cites Clear Channel and Silver Lake's earlier Dell take-private as reference points, while noting EA's recurring live-service revenue differs from advertising-driven businesses. No post-close staffing plans have been announced.
Battlefield 6 launched in October 2025, weeks after the deal was agreed, and drew peak concurrent Steam players above previous series entries. The game was developed by Battlefield Studios, which pools DICE, Criterion, Motive and Ripple Effect. The launch gave EA evidence that its teams could still deliver a major release during the ownership process.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.