Savvy Gaming Group, a subsidiary of the Saudi Arabian government’s Public Investment Fund, has acquired a $1 billion stake in Embracer Group, the holding company that owns numerous media parent companies and game development studios.

Embracer Group owns and operates several media parent companies and game dev studios, including THQ Nordic, Gearbox Entertainment, Dark Horse Comics, Deep Silver, and Saber Interactive.

The Savvy Gaming Group made a big splash in esports in January 2022, acquiring and merging two of the largest tournament organizers in the industry in ESL and FACEIT at the cost of roughly $1.5 billion. Back in 2020, both Riot Games (via the LEC) and another organizer in BLAST terminated deals with NEOM, a Saudi city development project backed by the PIF, following public and internal backlash to the initial deals’ announcements.

Read the full story at DOT Esports