Facebook and Zynga have renegotiated the terms of their social games publishing partnership, liberating Zynga to expand its products to additional platforms but also giving Facebook the latitude to build its own branded games.
Zynga is promoting Tim LeTourneau to Chief Creative Officer. He replaces Mike Verdu, who left the embattled social gaming firm in August to launch his own startup.
Treasurer Mike Gupta is the latest high-profile executive to exit the beleaguered social gaming firm-- Bloomberg reports Gupta, who joined Zynga in 2011 after eight years at Yahoo, has been named vice president of corporate finance and treasurer at Twitter.
Zynga is once again reshuffling its executive team, the firm's latest move to resuscitate its beleaguered social gaming platform.
Zynga has acquired mobile game studio November Software, best known for its work on LucasArts' Star Wars: The Force Unleashed franchise. Financial terms were not disclosed.
Zynga in the third quarter reported a 5 percent drop in revenues from the previous quarter, to $317 million. However, the company did beat analyst's estimates for the quarter, despite downgrading its full-year guidance for the year earlier this month.
Zynga is slashing staff and pulling the plug on more than a dozen games in advance of what is expected to be a grim third-quarter earnings report.
Zynga is developing its own advertising platform in an effort to boost revenues but also to enhance the social gaming network's appeal to third-party developer partners, All Things D reports.
Atari is extending its venerable Breakout franchise to Apple's iOS platform, teaming with Zynga to launch Super Bunny Breakout.
Zynga said it will report weaker third quarter revenue and lowered its full-year guidance for 2012. In addition, Zynga CEO Mark Pincus hinted that the company will address these near-term challenges "by targeted cost reductions" and by focusing on its new game pipeline.