Saudi Arabia's PIF acquires $1 billion stake in Embracer Group
The country has been making a play for the games industry throughout the last year.

The country has been making a play for the games industry throughout the last year.
However, Embracer's pace of scooping up studios means short-term losses.
Embracer Group will receive some high-profile IP, including Deus Ex, Tomb Raider, and Thief, as part of the $300m deal.
The deal adds yet another studio to Embracer Group and strengthens its foothold outside Europe.
The latest round of acquisitions gives Embracer a foothold in publishing, animation, and even TV streaming.
The deal will help expand Embracer's presence in the mobile sector and several others.
The company has 160 games in development and has sold over 6.8 million copies of Valheim
Austin is an old hand at video game licensing, and he's bringing his expertise to the quickly-expanding Embracer Group.
The wild growth of Embracer continues unabated.
Embracer Group continues its impressive expansion and looks to break into the VR business.