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Riot Games Files Motion to End Deal with FTX

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Riot Games, the company behind such titles as League of Legends and Valorant, has filed a motion to end its deal with cryptocurrency company FTX following the epic collapse of the market, and FTX folding.

According to researcher Molly White via Twitter, the company attributed the decision to FTX’s filing for bankruptcy.

“There is simply no way for FTX to cure the reputational harm already caused to Riot as a result of the highly public disrepute wrought by the debacle preceding FTX’s bankruptcy filing. FTX cannot turn back the clock and undo the damage inflicted on Riot in the wake of its collapse,” Riot Games said, reportedly.

The two sides initially partnered up via an advertising deal in 2021 which would see Riot Games promote FTX’s brand in connection with its esports circuit, the League of Legends Championship series.

FTX owed Riot $12.5 million but so far has only covered $6.2 million of that balance during 2022, and in 2023 FTX would need to pay $12,875,000, with payments continuing to grow until the year 2028.

Riot Games also noted their criticism of the fall of FTX and arrest of FTX founder Sam Bankman-Fried as among the reasons that they decided to end the deal.

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Armored Core 6: Fires of Rubicon Winning in United Kingdom

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FromSoftware title ‘Armored Core 6: Fires of Rubicon’, which is published by Bandai Namco, has laid claim to the top spot of the boxed charts in the United Kingdom this week following it’s August 25th release.

Armored Core 6’s debut pushed Mario Kart 8 Deluxe to the second overall spot in news that video game journalists have been covering extensively.

According to GamesIndustry.biz, Bandai Namco believes that ‘Armored Core 6: Fires of Rubicon’ is a “big step up in the franchise’ and communicated their hopes that it would surpass previous Armored Core games following the increased popularity in the game developers work on Elden Ring.

The United Kingdom charts also saw The Legend of Zelda: Tears of the Kingdom move back to the 3rd spot, and FIFA 23 holding the 4th spot.

The biggest rise was from Lego Star Wars: The Skywalker Saga, which jumped back in the top top from it’s previous 24th spot to land in 6th with a 146% increase in sales. That game, along with Hogwarts Legacy, is currently a part of a Playstation 5 bundle.

The Witcher 3: Wild Hunt Game of the Year edition entered the Top Ten this week with an appearance in the 9th spot.

The news wasn’t so good for The Texas Chainsaw Massacre which saw a debut in the 13th spot last week but has now dropped to 37th following a 43% decrease in sales week-on-week, despite it’s initial push on every video game streaming platform following it’s heavily hyped arrival.

Here is a breakdown from the United Kingdom Boxed Top Ten for the week ending on August 26th, via GamesIndustry.biz.

Last Week This Week Title
New Entry 1 Armored Core VI: Fires Of Rubicon
1 2 Mario Kart 8 Deluxe
4 3 The Legend of Zelda: Tears of the Kingdom
3 4 FIFA 23
9 5 Hogwarts Legacy
24 6 Lego Star Wars: The Skywalker Saga
5 7 Mortal Kombat 11 Ultimate
7 8 Minecraft (Nintendo Switch)
12 9 The Witcher III: Wild Hunt GOTY Edition
2 10 Grand Theft Auto V
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Scriptic Raises $6 Million in Additional Seed Funding

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Interactive drama developer and BAFTA-nominated studio Scriptic has raised a total $6.2 million in additional seed funding, including $500,000 from the Sony Innovation Fund, bringing the total seed investments to $8.7 million.

The funding will be deployed to continue going towards the expansion of its mobile narrative offerings, and the studio aims to provide its generative AI developer tools to more writers and storytellers.

“It’s a huge honor to have Sony Innovation Fund join our roster of stellar investors, and we’re thrilled that they share our vision for the future of interactive media and storytelling,” Scriptic CEO Nihal Tharoor said, according to GamesIndustry.biz.

This marks another example of  studios who find Angel Investors and find VC investors to fund their initiatives, and those deals making waves in the gaming industry.

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Sony Acquiring Audeze

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Sony Interactive Entertainment (SIE) is set to officially acquire headphones manufacturer and audio technology company Audeze, officially entering a deal to purchase the company, according to GamesIndustry.biz.

SIE is aiming to expand the audio technology of Playstation games and with this deal, not only will Audeze help them in that mission but Audeze will continue to operate as a separate entity and develop its audio products, per a number of video game journalists covering the story.

“Audeze is a premier brand for headphones, and this acquisition highlights Sony Interactive’s focus on innovation and providing the best audio experience to PlayStation players,” SIE senior vice president of platform experience Hideaki Nishino said.

Stay tuned for more updates regarding this story.

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