Alibaba’s $2 billion gaming exit signals where Beijing wants its money
Alibaba is getting rid of its video game development arm for more than $2 billion, removing the Chinese tech giant from the in-house game development space entirely as it looks to double down into the AI sector. Alibaba has agreed to sell Lingxi Games, the studio behind the mobile hit Three Kingdoms: Strategy Edition, to private-equity firm Trustar Capital, Bloomberg reported.
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Alibaba is getting rid of its video game development arm for more than $2 billion, removing the Chinese tech giant from the in-house game development space entirely as it looks to double down into the AI sector. Alibaba has agreed to sell Lingxi Games, the studio behind the mobile hit Three Kingdoms: Strategy Edition, to private-equity firm Trustar Capital, Bloomberg reported. While the studio is reportedly valued between $1.5 billion and $2 billion, the companies have not publicly disclosed a price. “Alibaba is handing Lingxi to Trustar due to better focus on its strategic priorities,” Lingxi CEO Zhou Bingshu wrote in an internal staff memo according to Reuters.
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- Alibaba is getting rid of its video game development arm for more than $2 billion, removing the Chinese tech giant from the in-house game development space entirely as it looks to double down into the AI sector. Alibaba has agreed to sell Lingxi Games, the studio behind the mobile hit Three Kingdoms: Strategy Edition, to private-equity firm Trustar Capital, Bloomberg reported.
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- 1 outlet, average source rating 6.0/10.
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Alibaba’s $2 billion gaming exit signals where Beijing wants its money
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