GameStop Hedges Bets With Kongregate Purchase

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GameStopRetailer GameStop announced that it has entered into an agreement to acquire Kongregate, a social gaming hub with myriad free-to-play games. Kongregate.com launched in 2007, and is expected to remain under the leadership of co-founders Jim and Emily Greer when the acquisition closes on or around August 1. While the terms of the purchase were not disclosed, it is rumored that the purchase offers a significant return on the estimated $10 million that Kongregate had previously raised. From GameStop's perspective, this is clearly an effort on the part of GameStop to diversify from the used-game-sale model that dominates its business before publishers fully figure out how to put an end to the used games market.

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This page contains a single entry by Editor published on July 27, 2010 5:45 AM.

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