IMG acquires majority stake in Playstack for £112.4 million

Integrated Media Company (IMG) has acquired an 84.5 per cent stake in indie game publisher Playstack for £112.4 million, a figure equivalent to approximately $151 million. The deal, which values the publisher at around £125 million ($169 million), was first reported by Game Developer and involves IMG purchasing the stake from previous owner TruFin via its subsidiary, VantageCo Limited.

This acquisition marks a significant expansion for IMG, a media conglomerate that previously did not include video game publishers in its portfolio. The company already owns prominent media brands such as Fandom, GameSpot, and Metacritic. By acquiring Playstack, IMG is entering the video game publishing sector, bringing the developer behind titles such as The Case of the Golden Idol under its corporate umbrella.

Playstack is best known for publishing the critically acclaimed 2024 deck-building roguelite Balatro, developed by the anonymous creator localthunk. The publisher also released The Case of the Golden Idol. As the publisher, Playstack’s role is distinct from that of the developer, with localthunk retaining significant influence over the gameplay mechanics and creative direction of Balatro.

Following the announcement, Playstack founder and CEO Harvey Elliott issued a statement regarding the transaction. Elliott described the move as a change in ownership rather than a change in the company’s identity. The statement was brief and vague, offering a corporate assertion of continuity rather than a detailed guarantee of operational stability under the new ownership structure.

The specific operational changes Playstack will implement under IMG ownership remain unclear. While private equity firms are often perceived as prioritising profit maximisation, which can lead to significant restructuring, initial hopes suggest minimal disruption given the developer’s influence. Currency conversions provided in the deal are approximate and should be treated as estimates.