Lessons from Real M&A Transactions: Getting Studios Bought

Gaming M&A is no longer just a story about strategics buying obvious hits. In this episode, Alexandra Takei, VP of Platform Revenue at Medal, sits down with Brogan Keane, Managing Partner at Double Black Capital, to unpack what actually happens when a game studio reaches the end of its company lifecycle: sale, exit, or recapitalization. The conversation breaks down who is buying game companies today, from private equity firms and Korean strategics to non-gaming entertainment companies looking for transmedia exposure. Brogan explains why PE buyers care most about profitability and risk mitigation, while strategics may pay more aggressively for IP, portfolio gaps, genre expertise, or future revenue replacement.

The episode also gets practical for founders. Alexandra and Brogan discuss what makes a studio acquirable, why the “million units sold” threshold matters, and why founders should focus on one valuable IP rather than distracting side projects. They also walk through deal structure, including upfront cash, retention-based earnouts, performance earnouts, and why headline deal values are often misleading.

We’d also like to thank Medal.tv for making this episode possible. If you're a PC gamer and want to clip your moments or a studio, publisher, or marketer looking to reach a high-quality gaming audience and get your game in front of the right players, check out all Medal has to offer at https://grow.medal.tv.

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Sound design by Gavin Mc Cabe.