GameSpot is a video gaming website that provides news, reviews, previews, downloads, and other information on video games. The site was launched on May 1, 1996, created by Pete Deemer, Vince Broady and Jon Epstein. It was purchased by ZDNet, a brand which was later purchased by CNET Networks.
Seemingly out of nowhere, it was announced this week that Borderlands studio Gearbox, which had been independently operated since its founding 21 years ago, had sold the company to Sweden’s Embracer Group for up to $1.3 billion. Gearbox CEO and founder Randy Pitchford has now shed some light on why he made the deal and why he believes it’s in the best interest of the company going forward.
Speaking to VentureBeat, Pitchford said selling his company never entered his mind in a serious way before this. “I’ve always been allergic to the concept of [mergers and acquisitions],” he said. He said “every single partner company” that Gearbox had worked with over the years had suggested the possibility of a buyout to Gearbox–either through hints or an overt offering–but Pitchford always said no.
“Many companies we’ve never worked with would hit us with a cold call, an unsolicited proposal. I’ve always been allergic to that,” Pitchford said.