informa
1 MIN READ
News

GameStop to sell Spring Mobile division for $700 million

GameStop hopes that by selling the company it will be able to reinvest some cash into its core video game and collectibles business.

U.S. video game retailer GameStop intends to sell its Spring Mobile business to Prime Communications LP for $700 million as part of its ongoing strategic and financial review.

Spring Mobile currently owns and operates 1,289 AT&T wireless stores, and GameStop hopes that by selling the company it will be able to reinvest some cash into its core video game and collectibles business.

Proceeds from the sale might also be put towards fund share repurchases, and paying off some of the company's outstanding debt.

"This transaction enables GameStop to enhance our performance with an increased focus on the video game industry and the rapidly-growing collectibles space," explained Dan DeMatteo, executive chairman of GameStop's board of directors. 

"These are areas where we have considerable experience and where we are well positioned to capitalize on our competitive position." 

The transaction is expected to close during the fourth quarter of the fiscal year ended March 31, 2019.

Latest Jobs

Xbox Game Studios

Redmond, Washington
10.5.22
Technical Lighting Artist

Innogames

Hamburg, Germany
10.5.22
Game Designer - Elvenar

Bandai Namco Mobile

Barcelona, Spain
10.5.22
Principal 3D Animator

Cryptic Studios

Los Gatos, California
10.5.22
Staff Core Software Engineer
More Jobs   

CONNECT WITH US

Explore the
Subscribe to
Follow us

Game Developer Job Board

Game Developer Newsletter

@gamedevdotcom

Explore the

Game Developer Job Board

Browse open positions across the game industry or recruit new talent for your studio

Browse
Subscribe to

Game Developer Newsletter

Get daily Game Developer top stories every morning straight into your inbox

Subscribe
Follow us

@gamedevdotcom

Follow us @gamedevdotcom to stay up-to-date with the latest news & insider information about events & more