Embattled social gaming publisher Zynga (NASDAQ:ZNGA) announced the departures of three top-level executives, including Chief Operations Officer David Ko, as part of a organizational shakeup...
Zynga has finalized plans to shut down OMGPOP.com, the gaming portal behind the hit Draw Something, which it acquired for $180 million in early 2012. But multiple sources told TechCrunch that Zynga has rejected offers from former OMGPOP staffers seeking to buy back the site, games and related intellectual properties.
Zynga has lost three high-ranking executives in the past month, increasing the number of top staffers who've ankled the struggling social gaming firm since its December 2011 initial public offering, Bloomberg reports.
Social gaming company Zynga said it won't pursue a license for real-money gaming in the United States, and will instead refocus on its existing free-to-play social gaming business. The action appears to be one of the first strategic decisions by Don Mattrick, who took over Zynga's CEO position from longtime chief Mark Pincus earlier this month.
Social gaming firm Kabam said it is now worth $700 million based on a recent private transaction enabling staffers to sell $38.5 million of common stock.
Zynga CEO Mark Pincus confirmed that he will step down from his position and will be replaced by Don Mattrick, previously head of Microsoft's Xbox business.
Midasplayer International Holding Co., a.k.a. King.com--the publisher behind mobile and online games including the blockbuster Candy Crush Saga--has hired banks to explore a U.S. initial public offering, sources familiar with the move told The Wall Street Journal.
A day after Zynga announced plans to lay off 18 percent of its workforce, or 520 employees, one of those former staffers harshly criticized the social gaming firm's business strategy and culture in a Reddit "Ask Me Anything" question-and-answer session Tuesday.
Zynga is laying off 18 percent of its workforce, or 520 employees, by August. The gaming company is also closing its offices in New York, Los Angeles and Dallas, reported All Things D. In all, the cuts are expected to save the company an estimated $70 to $80 million.
Zynga's Draw Something 2 is struggling to match the success of its blockbuster predecessor, according to new data from BTIG Research.