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Sony Interactive Entertainment has announced its acquisition of Bungie in a reported $3.6-billion deal, the latest in a string of big-name consolidations in recent months. The acquisition comes just over a week after Microsoft announced its plan to purchase Activision Blizzard for a record-breaking $69 billion.

Bungie is known for developing the mega-popular ‘Halo’ franchise, as well as the ‘Destiny’ franchise, the latest installment of which, ‘Destiny 2,’ the studio is still developing and expanding. Bungie is also reportedly working on another IP, set to launch in 2025.

This deal marks the second time Bungie becomes part of a major platform holder. It was acquired by Microsoft in 2000, but after producing several Halo games for the Xbox they split off in 2007. Bungie signed a 10-year publishing deal with Activision in 2010 and began working on the ‘Destiny’ franchise. In 2019 the company ended its partnership with Activision and became the sole publisher of ‘Destiny.’

According to a blog post by Bungie CEO Pete Parsons, after the Sony deal goes through, the studio will continue developing and publishing its games independently, noting that the most immediate change will be the ability for Bungie to hire more talent across the studio.

Sony Interactive Entertainment President and CEO Jim Ryan confirmed the statement, saying Bungie will remain an independent and multi-platform studio, rather than becoming a part of PlayStation Studios. He said it will exist alongside the group, and will have greater autonomy and creative independence within Sony’s gaming division.

The deal closes off January as one of the biggest months for the gaming industry, after Take-Two announced a deal to acquire Zynga for over $12 billion, and Microsoft’s record-breaking $69-billion deal for Activision Blizzard.