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Photo: Justin Sullivan/Getty Images

Zynga has agreed to acquire Small Giant Games, a Helsinki-based mobile game studio and maker of the popular Android game Empires & Puzzles.

Why it matters: It's Zynga's largest acquisition to date, topping its 2014 purchase of Natural Motion for $527 million. The 18-month old Empires & Puzzles is also reportedly profitable.

Details: It will first acquire 80% for $560 million in cash and stock, and purchase the rest over the next three years based on profit goals. The current implied total value is $700 million, but that could change.

The bottom line: "Under [Frank] Gibeau, who became CEO in 2016, San Francisco-based Zynga has tried to revamp itself as a mobile-focused games maker and is looking for new games to spark growth after a challenging year that saw earnings disappoint. Its shares are down 10 percent year-on-year," Reuters reports.

Go deeper

Dan Primack, author of Pro Rata
48 mins ago - Podcasts

Net neutrality on the line under Biden

Federal net neutrality rules are back on the table in the Biden administration, after being nixed by Trump, but now might be complicated by the debate over social media companies' behavior.

Axios Re:Cap digs into why net neutrality matters and what comes next with Nilay Patel, editor-in-chief of The Verge and host of the Decoder podcast.

House grants waiver for retired Gen. Lloyd Austin to lead Pentagon

Defense Secretary nominee Lloyd Austin Photo: Chip Somodevilla/Getty Images

The House voted 326-78 on Thursday to grant retired Gen. Lloyd Austin a waiver to lead the Pentagon, clearing the way for the Senate to confirm President Biden's nominee for defense secretary as early as this week.

Why it matters: Austin's nomination received pushback from some lawmakers, including Democrats, who cited a law that requires officers be out of the military for at least seven years before taking the job — a statute intended to reinforce the tradition of civilian control of the Pentagon.

Amanda Gorman steals the show on Inauguration Day

Data: NewsWhip; Chart: Axios Visuals

Poet Amanda Gorman by far generated the most average interactions on social media on Inauguration Day, according to exclusive data from NewsWhip.

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