Ex-PlayStation president starts $225 million acquisition company

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

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.