Saudi Arabia's Public Investment Fund agreed in late September to acquire Electronic Arts for $55 billion through a consortium joined by Jared Kushner's Affinity Partners and Silver Lake — the largest go-private transaction in history, per Luminate's deal data.

The transaction pulls EA off the public markets at a moment when live services dominate its income. As much as 82% of EA's net revenue in its June-ended quarter came from live services, Luminate reported, anchored by EA Sports titles and competitive shooters including Apex Legends and Battlefield. Battlefield 6, released in October, sold seven million copies in three days — a launch record for the franchise.

The Battlefield 6 launch reinforces the franchise alongside Apex Legends and the EA Sports catalogue as core pillars of EA's live-service revenue mix.

What is driving the $55 billion valuation?

EA Sports and its annual release cycle carry the deal, not a single breakout hit. PIF has built a portfolio around Saudi Arabia's live-sports economy through Savvy Games Group: esports operators ESL Gaming and FaceIt were acquired in 2022, Monopoly Go publisher Scopely for just under $5 billion in 2023, and Niantic's gaming assets via Scopely earlier in 2025. CVC Capital Partners separately bid $5 billion this year for a majority stake in Royal Match maker Dream Games.

Where does the rest of EA's IP stand?

Non-sports franchises face an open question. BioWare, the studio behind Mass Effect and Dragon Age, sits below 100 employees after Dragon Age: The Veilguard underperformed commercially. An overdue Mass Effect sequel is in development, but the cutbacks have raised doubts about whether it will ship. Luminate's analysis shows no EA-owned property on the near-term Hollywood release calendar, even as competitors sign comparable licensing deals.

Other EA labels, including EA Originals, operate with thinner rosters than in prior years. That leaves the rest of EA's catalogue — Mass Effect, Dragon Age, The Sims, and the broader Originals slate — waiting for the consortium's portfolio review.

What adaptations are already licensed?

Amazon is developing a Mass Effect series and a feature adaptation of The Sims, alongside live-action takes on God of War and Tomb Raider in pre-production. EA's Originals label has also licensed Split Fiction and It Takes Two, both 2025 hits. Luminate Film & TV data shows every EA-linked project remains in development rather than in production or release.

What precedent shapes the next move?

Prior transactions show IP can move fast once ownership changes. Embracer Group bought Square Enix's western studios — including the Tomb Raider developers — then licensed the franchise wholesale to Amazon. Embracer's Gearbox, Borderlands' parent, went to Take-Two Interactive in 2024. PIF's appetite for follow-on deals has surfaced in its Scopely and ESL/FaceIt acquisitions, leaving the wider industry positioned to absorb EA properties if the new owners decide not to retain them.

The consortium's closing timeline, integration priorities for EA's non-sports studios, and any decision to license franchises for film or television will be the signals worth watching. The first quarterly readout under private ownership will be the next marker.