What You Missed This Week in Video Games

“Game On” is The Fly’s weekly recap of the stories powering up or beating down video game stocks.

NEW RELEASES: This week’s most significant new game release is Ubisoft’s (UBSFY) “Assassin’s Creed Mirage,” the first new game in the “Assassin’s Creed” franchise in three years. The title launches October 5 for PlayStation 4 (SONY), PS5, PC, Xbox One (MSFT), and Xbox Series X/S, with a mobile version of the game for iOS and iPhone 15 Pro (AAPL) coming in early 2024. Meanwhile, Nintendo’s (NTDOY) “Pokemon” spinoff “Detective Pikachu Returns” launches exclusively for Switch systems on October 6. Additionally, Electronic Arts’ (EA) latest hockey sim “NHL 24” releases October 6 for PS4, PS5, Xbox One, and Xbox Series X/S.

PLAYSTATION BOSS RETIRES: Last Wednesday, Sony Group Corporation and Sony Interactive Entertainment announced that SIE President and CEO Jim Ryan has made the decision to retire in March 2024 after almost thirty years with the PlayStation business. To support Ryan in his transition, Sony Group Corporation President, COO and CFO Hiroki Totoki will assume the role of Chairman of SIE effective October 2023. Effective April 1, 2024, Totoki will be appointed Interim CEO of SIE while he continues his current role at Sony Group Corporation. Totoki will work closely with Sony Group Corporation Chairman and CEO Kenichiro Yoshida and the management team of SIE to help define the next chapter of PlayStation’s future, including the succession of the SIE CEO role.

Jim Ryan joined Sony Interactive Entertainment’s Europe-based legal entity, Sony Interactive Entertainment Europe — which was then Sony Computer Entertainment Europe — in 1994. Since then, he has held a number of senior positions at the company including President of SIEE, Head of Global Sales and Marketing at SIE and Deputy President of SIE since January 2018, before being appointed SIE President and CEO.

FTC RETURNS MICROSOFT/ACTIVISTION DEAL TO ADJUDICATION: In a notice dated September 26 posted to the site of the Federal Trade Commission, the FTC stated: “On December 8, 2022, the Commission issued an administrative complaint seeking to block the acquisition of Activision Blizzard, Inc. (ATVI) by Microsoft Corp. On June 12, 2023, Commission staff filed a Complaint in the United States District Court for the Northern District of California seeking to enjoin the transaction pending completion of the administrative proceeding. The district court held an evidentiary hearing and, on July 10, 2023, denied the request for preliminary injunction… On July 12, 2023, the Commission noticed an appeal of the district court’s decision, and briefing on the appeal is nearly complete. On July 18, 2023, Respondents in the administrative proceeding filed a Motion to Withdraw This Proceeding from Adjudication. Pursuant to Rule 3.26(c) of the Commission Rules of Practice, 16 C.F.R. Section 3.26(c) (2022), the matter was withdrawn from adjudication, and all proceedings before the Administrative Law Judge were stayed… The Commission has determined that the public interest warrants that this matter be resolved fully and expeditiously. Therefore, the Commission is returning this matter to adjudication.”

META QUEST 3: Last week, Meta (META) said that the Meta Quest 3 mixed reality headset hits shelves October 10, starting at $499.99 for the 128GB version and $649.99 for those who want a larger storage capacity at 512GB. “Over 100 new and upgraded titles are coming to Meta Quest 3 through the end of 2023,” the company said. “Over half of those are brand-new apps, and upgrades or MR features are coming to another 50+ titles currently on the Meta Quest Store. And because Meta Quest 3 is backwards-compatible with Meta Quest 2, you get access to the world’s best library of 500+ immersive games and experiences on day one, so there’s something for everyone to discover. Meta Quest 3 delivers the most immersive and interactive ways to do what you love-whether that’s gaming, entertainment, fitness and wellness, travel, design, collaborating with coworkers, or simply socializing. And with Xbox Cloud Gaming (MSFT) coming to Meta Quest in December, you’ll be able to play Halo Infinite, Minecraft Legends, Forza Horizon 5, and hundreds of other high-quality Xbox games-all on a massive 2D screen you can take with you anywhere.”

OTHER STORIES TO WATCH:

• PlayStation-owned studio Naughty Dog, developer of “The Last of Us” and “Uncharted,” has begun laying off dozens of contract workers, Kotaku reports (read more)
• Epic Games is laying off about 16% of its workforce, Bloomberg reports (read more)
• PS4 and PS5 game “Horizon Forbidden West” is coming to PC in early 2024 (read more)
• JPMorgan raised the firm’s price target on Take-Two (TTWO) to $165 from $162 (read more)