Sega Sammy will sell 85.1% of its shares from the Sega Entertainment division to Japanese entertainment company GENDA (Global Entertainment Network for Dreams and Aspirations). The majority of the ownership of the arcade and amusement center business will take place on December 3, 2020, as stated during the company’s board of directors meeting.
The COVID-19 pandemic strongly affected Sega Entertainment’s amusement center operations tremendously. “As Amusement Center Operations area in Entertainment Contents Business is strongly affected by COVID-19, utilization of facilities has declined remarkably, and a significant loss was recorded at 1Q of the fiscal year ending March 2021,” says Sega Sammy.
With this transfer of ownership, GENDA will continue with its “strong desire to expand Amusement Center Operations business.” Also, Sega Entertainment will be no longer form part of Sega Sammy’s many subsidiaries.
Fans of Sega won’t have to worry as this deal will not affect Sega’s video game division.
Sega recently celebrated its 60th anniversary with free games and add-ons for fans.
[Source]: Siliconera: Japanese Entertainment Corporation Genda To Acquire a Majority of Sega Entertainment Shares.
[Via]: Sega Sammy: Notice of Recording of Extraordinary Losses Due to Structural Reform and Transfer of Consolidated Subsidiaries (Transfer of Shares).
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