Saudis Bet Big on Video Games with $55 Billion EA Purchase

The Saudi Public Investment Fund (PIF) and private equity company Affinity Partners have led a $55 billion purchase of Electronic Arts (EA), the maker of popular video games such as Madden NFL, The Sims, and Battlefield. EA Sports FC, previously known as Fifa until 2023, is also now owned by the group.

The investors are led by Saudi Arabia's PIF and include Affinity Partners, a private equity company run by Jared Kushner, and Silver Lake private equity group. JP Morgan bank provided about $20 billion in loans to facilitate the purchase.

The acquisition is part of the Saudi government's efforts to diversify its economy through investments in sports events and tourism as the oil industry declines. The PIF has invested hundreds of millions of dollars in various sectors, including sports.