- Playside Studios (PLY) has signed an eight-figure development agreement with Take Two Interactive Software’s label 2K Games
- The exact consideration hasn’t been disclosed, but today’s announcement comes as PLY gears up to raise additional capital
- The ASX-lister placed its securities in a two-day trading halt on Monday morning to give it time to complete a transaction and proposed fundraising
- Commenting on the 2K Games work for hire deal, Playside says this is the biggest agreement it’s signed since listing
- Shares in PLY last traded at 87 cents each
Playside Studios (PLY) has signed an eight-figure development agreement with Take Two Interactive Software’s label 2K Games.
Exactly how much the Grand Theft Auto publisher will pay PLY under the work for hire deal has not been disclosed at this stage.
However, the deal comes just as Playside placed its shares in a trading halt ahead of a proposed fundraising and transaction announcement.
PLY entered the two-day trading halt on Monday morning, with full details of the capital raise expected to be announced before November 17.
Meanwhile, under the agreement, 2K Games will work with Playside to develop a gaming franchise over the next 23 months.
It’s publisher, Take Two Interactive Software, has already produced well-known games such as the GTA series, 2K Games series, Red Dead Redemption series and Borderlands.
Commenting on the deal, Playside CEO Gerry Sakkas said it was the biggest agreement it’s signed since listing on the ASX.
“Our ability to secure this agreement with 2K Games underlines our position as Australia’s largest publicly listed game developer,” he said.
“We are looking forward to starting work on this project to demonstrate our capabilities
in AAA game development on a franchise that we are extremely passionate about.
Before today’s trading halt, shares in Playside Studios were trading at 87 cents each on Friday, November 12.