The Information：私募股权公司考虑 $100 Billion-Plus 收购微软 Xbox

Several private equity firms considered a possible joint acquisition of Microsoft's Xbox gaming business, which could be valued at $100 billion to $150 billion. According to Sina Finance, people familiar with the matter said the discussions in recent months were preliminary and had not become formal negotiations with Microsoft; a company spokesperson said, "Xbox is not for sale."

The potential price would be comparable to the scale of the leveraged buyout of Electronic Arts, which was valued at $55 billion including debt. Microsoft had also considered spinning off or restructuring Xbox as a wholly owned subsidiary, or forming a joint venture with partners. Under CEO Asha Sharma, the Xbox team has been working to improve the division's operations and accelerate growth.

Xbox includes Activision Blizzard, acquired by Microsoft for $75 billion in 2023. The division has about 14,000 employees and has faced low margins and declining sales. Revenue fell 7% to $21.8 billion in the fiscal year ended in June, while its "accountable margin," similar to an adjusted margin, declined to 3% over the year through June. Xbox accounts for about 7% of Microsoft's total revenue.

Sharma took over the division in February. In July, she reportedly proposed cutting 3,200 jobs, about 20% of the workforce, over the following year and increasing investment in franchises including Halo and Minecraft. With few buyers able to raise $100 billion or more, a deal would more likely involve multiple firms.

The gaming industry has faced stagnant sales and higher costs for console hardware. Xbox internally expects a console launching in 2028 could cost $1,200 to $1,800. Xbox competes with Sony's PlayStation and Nintendo. Sony's Game and Network Services division generated about $29.8 billion in revenue in fiscal 2025, roughly unchanged from the prior year, while sales of its consoles and first-party games declined.