Gaming Companies and Their Studio Portfolios: Who Owns Your Favorite Games
Microsoft, Sony, Nintendo, Tencent, and others own dozens of game studios. This guide maps every major gaming company to the studios and franchises they control.
The Great Gaming Consolidation
In October 2023, Microsoft completed the largest acquisition in gaming history: $68.7 billion for Activision Blizzard. Regulators in the US, UK, and EU spent 18 months trying to stop it. They failed. Call of Duty, World of Warcraft, and Candy Crush now belong to the same company that makes Windows and LinkedIn.
The video game industry generated over $180 billion in global revenue in 2025, according to Newzoo's Global Games Market Report, surpassing film and music combined. Our database tracks over 200 gaming brands and studios, and the ownership concentration is striking: five companies — Tencent, Microsoft, Sony, Nintendo, and Take-Two — now control the rights to the majority of the world's most-played game franchises.
This guide maps every major gaming company to the studios and franchises they own. For the broader context on how Microsoft has built its brand portfolio across gaming, productivity, and AI, see our post on Google vs Microsoft: the acquisition race.
Microsoft Gaming
Key acquisitions total: $80+ billion Xbox Game Pass subscribers: 34+ million
Microsoft's gaming division underwent the most dramatic expansion in industry history:
Studios and key franchises:
| Studio | Key Franchises | Acquired |
|---|---|---|
| Xbox Game Studios | Halo, Forza, Fable | Original |
| Mojang | Minecraft | 2014 ($2.5B) |
| Bethesda Game Studios | The Elder Scrolls, Fallout, Starfield | 2020 ($7.5B) |
| id Software | Doom, Quake | 2020 (via ZeniMax) |
| Arkane Studios | Dishonored, Deathloop | 2020 (via ZeniMax) |
| MachineGames | Wolfenstein, Indiana Jones | 2020 (via ZeniMax) |
| Activision | Call of Duty | 2023 ($69B) |
| Blizzard Entertainment | World of Warcraft, Overwatch, Diablo | 2023 (via Activision) |
| King | Candy Crush | 2023 (via Activision) |
| Obsidian Entertainment | The Outer Worlds, Avowed | 2018 |
| Ninja Theory | Hellblade | 2018 |
| Double Fine | Psychonauts | 2019 |
| Playground Games | Forza Horizon | 2018 |
| Compulsion Games | We Happy Few | 2018 |
| Undead Labs | State of Decay | 2018 |
| inXile Entertainment | Wasteland | 2018 |
| Turn 10 Studios | Forza Motorsport | Original |
| The Coalition | Gears of War | Original |
| 343 Industries (now Halo Studios) | Halo | Original |
| Rare | Sea of Thieves, Banjo-Kazooie | 2002 |
| Tango Gameworks | Hi-Fi Rush | 2020 (via ZeniMax, closed 2024) |
In February 2025, Xbox head Phil Spencer announced a shift to multiplatform distribution, stating Microsoft would release games on PlayStation and Nintendo platforms. This was a fundamental strategy reversal: according to Microsoft's FY2025 earnings call transcript, gaming revenue grew 43% year-over-year in Q2 FY2025, validating the multiplatform approach. Microsoft now views gaming as a content and services business rather than a hardware-exclusive platform play.
Sony Interactive Entertainment
Key acquisitions total: $15+ billion PlayStation Plus subscribers: 47+ million
Sony's PlayStation division has built a portfolio of critically acclaimed first-party studios:
| Studio | Key Franchises | Acquired |
|---|---|---|
| Naughty Dog | The Last of Us, Uncharted | Long-standing (subsidiary since 2001) |
| Insomniac Games | Spider-Man, Ratchet & Clank | 2019 ($229M) |
| Guerrilla Games | Horizon Zero Dawn, Killzone | 2005 |
| Santa Monica Studio | God of War | Original |
| Sucker Punch | Ghost of Tsushima | 2011 |
| Polyphony Digital | Gran Turismo | 1998 |
| Bungie | Destiny, Marathon | 2022 ($3.6B) |
| Housemarque | Returnal | 2021 |
| Bluepoint Games | Shadow of the Colossus (remakes) | 2021 |
| Firesprite | Horizon: Call of the Mountain (VR) | 2021 |
| Haven Studios | New IP | 2022 |
| Valkyrie Entertainment | Support studio | 2021 |
| Firewalk Studios | Concord | 2023 (studio closed 2024) |
Sony also owns Crunchyroll (anime streaming, acquired from AT&T for $1.175 billion in 2021) and Sony Music (one of the three major record labels), making it a broader entertainment conglomerate.
Sony's acquisition of Bungie (creators of Halo and Destiny) for $3.6 billion in 2022 was its largest gaming deal. However, Bungie has faced challenges since the acquisition, with layoffs and leadership changes.
Nintendo
Approach: Primarily internal development Key difference: Nintendo acquires far fewer studios than Microsoft or Sony
| Studio | Key Franchises | Status |
|---|---|---|
| Nintendo EPD | Mario, Zelda, Animal Crossing, Splatoon | Internal |
| Nintendo EPD (various teams) | Pokemon (co-developed), Kirby, Metroid | Internal |
| Retro Studios | Metroid Prime, Donkey Kong | Subsidiary since 2002 |
| Monolith Soft | Xenoblade Chronicles | Subsidiary since 2007 |
| Next Level Games | Luigi's Mansion 3, Mario Strikers | Acquired 2021 |
| SRD Co., Ltd. | Programming support | Long-standing partner |
| Intelligent Systems | Fire Emblem, Paper Mario | Closely affiliated |
Nintendo's approach is distinct: the company relies primarily on internal development teams and long-standing partnerships (like The Pokemon Company, a joint venture with Game Freak and Creatures Inc.) rather than acquisitive growth. Nintendo's Switch 2 is expected to launch in 2025-2026, with Donkey Kong Country Returns HD confirmed with enhanced features.
Tencent Holdings
Headquarters: Shenzhen, China Ticker: HKEX: 0700 Gaming revenue: ~$32 billion (2024) Status: World's largest gaming company by revenue
Tencent is the world's largest gaming company, though many Western consumers are unaware of its vast portfolio:
- Riot Games (League of Legends, Valorant, Teamfight Tactics) - acquired 2011/2015
- Supercell (Clash of Clans, Clash Royale, Brawl Stars) - majority stake acquired 2016 ($8.6B)
- Funcom (Conan Exiles) - acquired 2020
- Turtle Rock Studios (Back 4 Blood) - acquired 2021
- Splash Damage - acquired 2023
- Epic Games (~40% stake) - Fortnite, Unreal Engine
- Ubisoft (~10%) - Assassin's Creed, Far Cry
- Activision Blizzard (sold to Microsoft, Tencent held ~5%)
- PlatinumGames (minority stake)
- Marvelous (majority stake)
- FromSoftware (~16%) - Elden Ring, Dark Souls
- Numerous other studios worldwide
Tencent's strategy is to take minority stakes in studios globally, providing capital without demanding operational control. This makes Tencent a silent partner in a remarkable number of gaming companies.
Other Major Publishers
Electronic Arts (EA)
Ticker: NASDAQ: EA Key franchises: FIFA/EA Sports FC, Madden NFL, The Sims, Battlefield, Apex Legends, Mass Effect, Dragon Age
Studios: DICE (Stockholm), Respawn Entertainment (Apex Legends, acquired 2017), Maxis (The Sims), BioWare (Mass Effect), EA Sports (FIFA/FC)
Take-Two Interactive
Ticker: NASDAQ: TTWO Key franchises: Grand Theft Auto, Red Dead Redemption, NBA 2K, Civilization
Studios: Rockstar Games (GTA, Red Dead), 2K Games (NBA 2K, Civilization), Zynga (FarmVille, acquired 2022 for $12.7B)
Grand Theft Auto VI, one of the most anticipated games in history, is expected in 2025-2026.
Ubisoft
Ticker: EPA: UBI Key franchises: Assassin's Creed, Far Cry, Tom Clancy's Rainbow Six, Watch Dogs
The Guillemot family controls Ubisoft through a 20%+ stake. Tencent holds approximately 10%. Ubisoft has faced pressure from investors seeking a buyout or restructuring.
Embracer Group
Headquarters: Karlstad, Sweden Status: Restructuring after aggressive acquisition spree
Embracer Group (formerly THQ Nordic) went on one of the most aggressive acquisition sprees in gaming history, acquiring over 100 studios and publishers between 2019-2023. However, after a major financing deal collapsed in 2023, the company began restructuring, selling assets, and closing studios. Embracer sold Saber Interactive and several other studios to reduce debt.
The Consolidation Impact
| Company | Studios Owned | Estimated Gaming Revenue (2024) |
|---|---|---|
| Tencent | 20+ (plus dozens of minority stakes) | ~$32B |
| Microsoft | 30+ | ~$22B |
| Sony | 17+ | ~$28B |
| Nintendo | 8+ (mostly internal) | ~$14B |
| EA | 10+ | ~$7.5B |
| Take-Two | 5+ (including Zynga) | ~$5.5B |
What This Means for Gamers
Exclusivity is declining. Microsoft's multiplatform shift means fewer games will be locked to a single console. Sony has also begun releasing PlayStation exclusives on PC.
Subscription services are rising. Xbox Game Pass, PlayStation Plus, and EA Play are becoming the primary way many gamers access content, similar to streaming services in entertainment.
Studio closures happen. Large acquisitions sometimes lead to studio closures when games underperform. Microsoft closed Tango Gameworks and Arkane Austin in 2024. Sony closed Firewalk Studios in 2024.
Creative independence varies. Some acquired studios maintain creative freedom (Mojang under Microsoft). Others face pressure to align with corporate priorities.
Frequently Asked Questions
Who is the biggest gaming company?
Tencent is the world's largest gaming company by revenue (~$32 billion in 2024). Microsoft and Sony are the largest console gaming companies.
Does Microsoft own Call of Duty?
Yes. Microsoft acquired Call of Duty through its $69 billion purchase of Activision Blizzard in October 2023. Microsoft has committed to keeping Call of Duty on PlayStation for at least 10 years.
Does Sony own Spider-Man games?
Sony owns Insomniac Games, the studio that develops Marvel's Spider-Man games. However, the Spider-Man character is owned by Marvel (Disney). Sony holds film rights to Spider-Man separately.
Who owns Fortnite?
Fortnite is made by Epic Games, which is approximately 40% owned by Tencent. Epic Games' founder and CEO Tim Sweeney retains majority control.
The Bottom Line
Tencent owns stakes in more gaming companies than any other entity on the planet. Microsoft owns the largest gaming portfolio by acquisition spend. Sony has the most critically acclaimed first-party lineup. Nintendo has the most profitable IP per unit of revenue.
For gamers, this consolidation means more subscription services, declining exclusivity, and studios that get shut down when games underperform. Understanding who owns which studios helps explain why certain games appear on certain platforms, why your favorite franchise changed direction after an acquisition, and why the industry looks increasingly like Hollywood's studio system.
Explore gaming and tech brand ownership on WhoBrands, browse technology brands, or see how Microsoft's broader acquisition strategy compares to Google's in our post on Google vs Microsoft: the acquisition race.
Explore Related Brands
- Xbox - Microsoft's gaming platform, 30+ studios
- PlayStation - Sony's gaming platform, 17+ studios
- Minecraft - Best-selling game ever, Microsoft-owned
- LinkedIn - Also Microsoft-owned (different division)
Sources
1. Newzoo. "Global Games Market Report 2025." newzoo.com 2. Microsoft. "Xbox Business Update, February 2025." investor.microsoft.com 3. Reuters. "Microsoft Activision Blizzard deal closes, October 2023." reuters.com 4. The Wall Street Journal. "Sony Gaming Strategy and Studio Acquisitions." wsj.com 5. Tencent Holdings. "FY2024 Annual Report." tencent.com 6. Bloomberg. "Embracer Group Restructuring 2023-2025." bloomberg.com
All brand ownership data verified through WhoBrands.com's research methodology. Last updated: February 7, 2026.
Shop Mentioned Brands
Disclosure: We may earn commission from purchases
Recommended Articles
View more articles
The Microsoft Acquisition Timeline: From Skype to Activision
Microsoft has spent over $200 billion on acquisitions since 2011. From Skype to LinkedIn to Activision Blizzard, trace how Microsoft built its modern empire.
Tech Brand Ownership Map 2026: Who Owns What
From Google to Xbox to Instagram, the tech industry is controlled by a few giants. Map every major tech brand to its parent company in this 2026 guide.
Streaming Services: Corporate Ownership Explained
Netflix, Disney+, Hulu, HBO Max, Peacock, Paramount+. Every streaming service is backed by a media giant. Here is who owns what in the 2026 streaming wars.
Brands & Companies Mentioned
Xbox
Owned by Microsoft Corporation
Microsoft's video gaming brand encompassing consoles, games, and online gaming services, with FY2025 gaming revenue up 9% driven by Xbox content and services growth of 16%, Game Pass revenue nearing $5 billion, and Microsoft becoming the top publisher on PlayStation in Q4 FY2025.
PlayStation
Owned by Sony Group Corporation
Sony's video gaming brand encompassing consoles, games, and online gaming services.
Minecraft
Owned by Microsoft Corporation
Best-selling sandbox video game of all time with over 300 million copies sold across all editions, developed by Mojang Studios and owned by Microsoft, continuing to grow as a global cultural phenomenon in 2025.
Microsoft Corporation
American multinational technology company developing, manufacturing, licensing, and supporting software, services, devices, and solutions worldwide.
10 brands in portfolio
Sony Group Corporation
Japanese multinational conglomerate corporation operating in electronics, entertainment, gaming, and financial services, known for PlayStation, consumer electronics, and media content.
8 brands in portfolio
Apple Inc.
American multinational technology corporation designing and selling consumer electronics, software, and digital services, headquartered in Cupertino, California.
16 brands in portfolio