방금 BioWare를 인수한 것과 같은 사모펀드 인수가 그토록 두려운 이유

The closure of BioWare has not come as a huge surprise. The LGBTQ-inclusive developer of Mass Effect and Dragon Age, which hadn't managed to transmute development mayhem into sales success and whose games aren't ideal environments for loot boxes, did not seem likely to be admired by its new owners, Saudi Arabia and Trump son-in-law Jared Kushner. Employees at the legendary RPG studio started working on their resumes as soon as the acquisition was announced.

But even if BioWare's new owners had been miscellaneous investors rather than Saudi royalty, the outlook would not have been good: This is what private equity does.

Public companies are of course plenty capable of blowing things up all on their own. EA's pre-acquisition attempt to turn BioWare into a live-service shooter studio was one of the great missteps of the live service goldrush, and Microsoft's pursuit of shareholder value has led to thousands of layoffs and numerous game cancellations.

But there is a particular, systematic way that leveraged private equity acquisitions consume companies rather than nurturing them. In the wake of BioWare's closure and 400 layoffs across EA, we have updated our previously-reported overview of the process that has led to the demise of a number of game studios and other companies.

How private equity acquisitions work

Ostensibly, the goal of a private equity acquisition is to optimize the bought-out company's performance for long-term returns, tapping underutilized potential—like EA's mobile business—to increase profits. But private equity firms have gained a sinister reputation thanks to a counter-intuitive strategy by which firms cannibalize their own acquisitions to extract maximum profits at the expense of the acquired company and its workforce.

That grisly process begins with the leveraged buyout, the most common form of private equity acquisition.

"A leveraged buyout just means the company is bought using a combination of borrowed money, or debt, and private equity," Kiplinger senior investing editor Karee Venema told PC Gamer last year. "The purchased company's balance sheet is used as collateral against the loans taken out to purchase it."

In other words, the "leverage" in the leveraged buyout is debt. Crucially, the collateral for that debt is the assets of the acquired company, not of the private equity firm itself. The investors are able to limit how much capital they have to supply for the buyout, while limiting their financial risk if repaying the loan—in EA's case, a $20 billion loan from JP Morgan—proves insurmountable. The private equity firm might have agreed to the terms of the loan, but repaying it becomes the purchased company's responsibility.

Reading that might produce a faint, dissonant tingle in the back of your mind. You might be wondering, "If private equity firms can take out loans that only their companies are responsible for, could they bleed more money out of a valuable company than they paid and avoid any consequences when that company goes bankrupt?"

And you'd be right to wonder, because that's exactly what private equity firms have become infamous for doing.

A still from a leaked trailer for the upcoming Mass Effect game, now cancelled due to BioWare's closure. (Image credit: BioWare/Electronic Arts)

If you're not terribly concerned about a company's long-term survival, there are myriad ways to drain it of as much value as possible. Asthe Guardian wrote in 2024, private equity firms have made a habit of hollowing out company workforces and raising prices to pull in unsustainable profit margins, aiming to cut loose before the resulting decline in product quality tanks sales and consumer sentiment. Others have liquidated company assets, selling off real estate, subsidiaries, and intellectual property to enrich the firms' investors.

Sometimes, those sold assets will end up driving the company further into debt through "sale-leaseback agreements," where the firm will arrange for the company to sell its real estate properties, pocketing the profits while the company is forced to pay rent to continue using its own business space. Meanwhile, the firm islikely extracting additional "management fees": standard 2-and-20 terms see firms taking an annual 2% of a managed company's assets and 20% carried interest on all profits above a certain margin, while the company might face additional monitoring fees, transaction fees, and more.

Private equity has maimedretail franchises like Party City. It hasbrutalized digital media outlets like the Gizmodo Media Group anddemolished local news across the US. It'sleft hospitals full of bats andincreased mortality in retirement homes. Areport using S&P data found that in 2024, private equity-backed companies accounted for more than 10% of all corporate bankruptcies and over 50% of bankruptcies with over $500 million in liabilities—but "despite their role in precipitating bankruptcies, private equity firms often emerge financially unscathed."

Toys 'R' Us announced its bankruptcy in 2018. (Image credit: Timothy A. Clary/AFP via Getty Images)

"There have certainly been instances of this—the2017 bankruptcy of Toys 'R' Us is top of mind for me," Venema said. "But there have been successful private equity buyouts, too."

Hilton, for example,was arguably better off in 2018 when Blackstone sold its remaining stake from its 2007 LBO—sometimes called "the best LBO ever" in financial circles. And Dell, Venema said, went from a $25 billion buyout in 2013 to being valued today at nearly $100 billion after going public again in 2018.

But in the games industry, we've seen other cases where private equity has caused carnage. Just this week, in addition to BioWare's closure and hundreds of layoffs at EA, Scum developer Gamepires announced that it's laying off employees after being acquired eight months ago by the Emona Capital-backed Splash Damage Group. Just a few weeks before acquiring Gamepires, Splash Damage had performed its own layoffs in November 2025, only two months after it had been purchased in its own private equity acquisition.

EA's uncertain future

EA's fate may not be as dramatic as that of Toys 'R' Us. Saudi Arabia has invested heavily in gaming in recent years, and EA's sports games and shooters are opportunities for profit and global influence, even as triple-A gaming struggles with enormous budgets and increased competition for attention.

What we know for now is that, after laying off around 400 people, EA is continuing development of Marvel's Iron Man and the next Star Wars Jedi entry, as well as a Sims game codenamed "Project Evergreen"—though after BioWare's shuttering, Sims players are understandably concerned about what ideological pressures EA's new owners will exert on its developers.

EA Sports is of course not going anywhere, and Battlefield 6 and Apex will get continued support. And EA has confirmed that Respawn and DICE are collaborating on a new project, rumored to be the next Star Wars Battlefront.

But if EA still has any capacity to support the development of games outside of the most mainstream, highly-monetizable categories, it's tough to imagine it lasting.

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