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Wednesday, July 14, 2010

Google buys into Zynga

Google has invested as much as $200 million in social gaming company Zynga, as it looks to bolster its presence in the world of online gaming, according to technology blog TechCrunch.
According to TechCrunch, the investment may have been in conjunction with Softbank Capital’s deal to purchase a stake in Zynga, which makes games for social networks including Facebook and MySpace and profits by selling virtual goods.
In June, Nikkei reported that Softbank bought a stake in Zynga for about 13.5 billion yen ($147.4 million) through a private placement.
The site said that The investment was made by Google itself, not Google Ventures and that Zynga will be “the cornerstone of a new Google Games to launch later this year.” Zynga’s revenues for the first half of 2010 will be $350 million, half of which is operating profit, and is projecting at least $1.0 billion in revenue in 2011, according to the site.

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