Activision alert for cheap acquisitions
Publisher senses opportunity as potential prices tumble in recession
Activision Blizzard president and CEO, Mike Griffith, has revealed that the publishing giant is on the look-out for new acquisitions, as a time when the price of new additions will be lower due to the economic climate.
The company, which has no debt and USD 3 billion in cash, according to Bloomberg, has identified gaps in its product line-up, and also intends to expand internationally.
"The combination of Activision holding a fair amount of cash and presumably prices being depressed, not only for publicly traded companies, but also likely for new intellectual property licensing rights, should certainly create opportunities," said Griffith, adding: "We won't rush to judgment just because we have cash. We will be very disciplined."
Activision Blizzard's share price was down 0.3 per cent to USD 9.87 at the close of the US markets yesterday, giving the company a market value of USD 13 billion.