Back in 2020, part of the shares of SNK Corporation was bought by EGDC, a division of the MiSK Foundation established by Prince Mohammed bin Salman, heir to the throne of Saudi Arabia. In February 2022, a new step was just taken as SNK is now 96.18% owned by the Electronic Gaming Development Company.
Photo credit: SNK
It’s not just a video game
That’s news that might seem anecdotal, especially since SNK isn’t really the center of attention anymore, with the company even announcing a €8 million loss last year. However, SNK is a historical Japanese video game company known to enthusiasts for many licenses such as King of Fighters or Metal Slug.
Unfortunately, SNK’s finances have not been in good shape since the 2000s and they are being bought out by Aruze at this point. In 2015, 37games got their hands on the wallet to acquire. It doesn’t stop there as in 2020, MiSK will begin repurchasing up to 33% of SNK stock through its Electronic Gaming Development Company division with the intention of eventually becoming a controlling shareholder.
That finally happened on Feb. 15, when EGDC acquired 96.18% of SNK for 37.197 won per share, for a grand total of nearly $602 million. The information has only just been dug up by ResetERA as the takeover report was only published on SNK’s Korean site and has so far gone unnoticed.
Indeed, this takeover is part of a great machine that the Saudi prince has created to gloss over his country’s reputation and the controversies surrounding his own actions. Companies like Activision Blizzard, Take-Two or Electronic Arts have the Saudi investment fund Ryad among their shareholders. The idea is to invest in a promising industry and promote the future of Saudi youth. The irony is that video games are still heavily censored in Saudi Arabia.
The MiSK Foundation has several subsidiaries that invest in various entertainment industries, but it’s still hard to see them as anything other than a big propaganda campaign. Saudi Arabia is known to be a brutal political regime towards its opponents, even if for several years its leaders have tried to soften international opinion, for example by allowing more freedom for women.
Under the guise of his tolerance speeches, Prince Mohammed bin Salman is often indirectly singled out for the actions and repressions perpetrated in Saudi Arabia. In particular, he is accused of the death of journalist Jamal Khashoggi or the disappearance and imprisonment of his opponents and members of his own family to secure power.