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Square Enix Looking to Sell Stakes in Its Studios to "Improve Capital Efficiency"


Historian, Reporter

Read the full thread for context, but here's a summary:
  • Square's capitalized game dev costs are currently $840 million

  • Square Enix is planning two phases of measures to improve its capital efficiency
  • Phase 1 was the sale of Eidos and Crystal Dynamics
  • Post its sale of Eidos and CD, the company will have $1.4 billion in cash and zero debt

  • Phase 2 will be "diversification of studio capital structure" (essentially how different studios obtain their funding)
  • As part of this, Square is reviewing its portfolio of studios and looking to sell stakes in certain studios to external entities
  • Certain studios will remain 100% owned by Square Enix, while others will be partially owned (joint ventures or equity method)
  • This is happening at a time when companies like Sony, Tencent, Nexon etc. are looking to buy

Still a work-in-progress, but here's a list of every creative department within Square Enix.
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