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Zynga buys Turkish mobile-game maker Peak for $1.8 billion

Dan Primack, author of Pro Rata

Photo: Zynga

Zynga agreed to buy Turkish mobile-game maker Peak for $1.8 billion, split evenly between cash and stock.

Why it matters: It's the largest acquisition ever for Zynga, once one of the hottest Web 2.0 names in Silicon Valley, and has helped surge its stock to levels not seen since 2012.

  • Peak raised $19 million between 2011 and 2013 from firms like Earlybird VC, Hummingbird Ventures and Endeavor Catalyst.

The bottom line: "The deal brings Peak's 100-strong team plus two successful puzzle games, 'Toon Blast' and 'Toy Blast,' to Zynga's roster. Zynga stated in its announcement that the two game franchises have consistently ranked in the top 10 or 20 grossing games on the App Store over the past two years," writes Business Insider.

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Felix Salmon, author of Capital
16 mins ago - Economy & Business

Inflation will rise. Don't panic

Illustration: Annelise Capossela/Axios

It's been 40 years since America last saw a damaging level of inflation. Yet despite that — or perhaps because of it — inflation fears are widespread, and could even become self-fulfilling.

Why it matters: The government's strategy for bringing back employment and widespread prosperity involves a necessary — yet temporary — increase in inflation. When an entire generation has never experienced such a thing, that can be disconcerting. And for the time being, Americans are not buying what the government is selling.

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Rebecca Falconer
Updated 59 mins ago - Politics & Policy

Gunman kills 8 people in shooting at FedEx facility in Indianapolis

A screenshot of the Indianapolis Metropolitan Police Department spokesperson Genae Cook during a news conference Friday morning. Photo: Indianapolis Metropolitan Police Department/Facebook

A gunman opened fire at a FedEx warehouse facility in Indianapolis late Thursday, killing at least eight people and wounding multiple others, authorities said.

Details: "The alleged shooter has taken his own life here at the scene," Indianapolis Metropolitan Police Department spokesperson Genae Cook said during a news conference early Friday.

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Hans Nichols, Kadia Goba
9 hours ago - Politics & Policy

Dems race to address, preempt stimulus fraud claims

Illustration: Aïda Amer/Axios

Biden officials are working to root out the systematic fraud in unemployment and Paycheck Protection Program claims that plagued the Trump administration’s efforts to boost the economy with coronavirus relief money, Gene Sperling told House committee chairmen privately this week.

Why it matters: President Biden just signed another $1.9 trillion of aid into law, with Sperling tapped to oversee its implementation. And the administration is asking Congress to approve another $2.2 trillion for the first phase of an infrastructure package.

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