Already in 2020, SNK Corporation saw part of its shares being purchased by EGDC, a division of MiSK Fundation, which was founded by Prince Mohammed bin Salman, heir to the throne of Saudi Arabia. In February 2022, a new step has just been taken since SNK is now 96.18% owned by Electronic Gaming Development Company.
Image credit: SNK
It’s not just a video game
This is news that may seem anecdotal, especially since SNK is no longer really at the heart of all attention and the company even announced a loss of 8 million euros last year. However, SNK is a historic Japanese video game company, known by enthusiasts for many licenses, such as King of Fighters or Metal Slug.
Unfortunately, since the 2000s, SNK’s finances have not been in good shape and they will be bought out at that time by Aruze. In 2015, 37games got its hands on the wallet to acquire it. It does not stop there, since in 2020 it is MiSK which begins to buy back shares of SNK, up to 33%, by their Electronic Gaming Development Company division, with the eventual intention of becoming one. majority shareholder.
This is finally what happened on February 15, with EGDC acquiring 96.18% of SNK for 37.197 won per share, which equates to a total of close to 602 million US dollars. The information has only just been unearthed by ResetERA, since the takeover report was only published on SNK’s Korean site and that it had so far gone unnoticed.
This takeover is in fact part of a great machinery instituted by the Saudi prince, in an attempt to whitewash the reputation of his country and the controversies around his own actions. Companies like Activision Blizzard, Take-Two or Electronic Arts have among their shareholders the Saudi investment fund Ryad. The idea being to invest in a promising industry and promote the future of Saudi youth. The irony being that video games are still heavily censored in Saudi Arabia.
The MiSK Foundation has multiple subsidiaries that invest in different entertainment industries, but it’s still hard to see it as anything other than a grand propaganda campaign. Saudi Arabia is known to be a brutal political regime with its opponents, even if its leaders have been trying for some years to soften international opinion towards it, for example by giving more freedom to women.
Under cover of his speeches of tolerance, Prince Mohammed bin Salman is often indirectly singled out for the actions and oppression perpetrated in Saudi Arabia. He is blamed in particular for the death of journalist Jamal Khashoggi or the disappearance and confinement of his opponents, as well as members of his own family to secure power.