Ex-PlayStation president starts $225 million acquisition company

Former PlayStation CEO and Jack Tretton spearheads a new $225 million special acquisitions company aimed at video gaming.

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Jack Tretton, who presided over two generations of PlayStation consoles, is heading a new special acquisitions group aimed at the video games industry.

Ex-PlayStation president starts $225 million acquisition company 333

Longtime ex-PlayStation president Jack Tretton is now serving as CEO of PowerUp Acquisitions, a new special purpose acquisitions company (SPAC). According to a new prospectus SEC filing, PowerUp intends to raise $225 million through an IPO with a $10 share price across 22.5 million shares.

PowerUp will use its capital to secure a company in the entertainment space with an emphasis on video games. Considering its management consists of not only Jack Tretton, but also Vivendi and Activision-Blizzard merger veteran Bruce Hack, PowerUp is in a unique position to manage its game-related acquisitions.

"PowerUp intends to identify and acquire a business within the interactive media, digital media, sports, entertainment, and/or leisure, with a particular focus on video gaming, gaming adjacent, and new metaverse video gaming businesses."

Major players like Sony, Microsoft, and Tencent have been on buyout sprees throughout 2020 as pandemic spending soared.

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Derek joined the TweakTown team in 2015 and has since reviewed and played 1000s of hours of new games. Derek is absorbed with the intersection of technology and gaming, and is always looking forward to new advancements. With over six years in games journalism under his belt, Derek aims to further engage the gaming sector while taking a peek under the tech that powers it. He hopes to one day explore the stars in No Man's Sky with the magic of VR.

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