1、WIP+1 310 696 Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.+1

2、 310 696 SALE TOMobile/Online GamingVideo Game/Content StreamingSALE TOAAA Game DeveloperPower RangersMobile/Console GamesMobile GamesGame Review and AdvertisingSALE TO*-transactions executed by current Drake Star Partners employees while employed at other firms2*$11.0B$2.9B$4.3B120 594 33 3Note:Pub

3、lic Markets include IPOs,SPACs,and Public FinancingsSource:CapIQ,Pitchbook&DSP ResearchNote:Deal count includes announced and/or closed M&A,private placement,IPOs,SPACs,and public financing dealsDrake Star did not act as financial advisor on transactions listed on this pageQ4 started on a great note

4、 with the closing of the era defining Microsoft Activision deal.We expect M&A activity to steadily increase in 2024.Tencent,Sony,Take-Two,Savvy/Scopely are expected to be the most active buyers while Embracer will likely complete the divestiture of some of its studios.Several other strategics also s

5、tarted to participate in M&A discussions again after a pause for several quartersInvestors have been largely cautious this year on mid/late-stage financings.We expect a continued healthy amount of investment in early-stage companies and an increase in mid/late-stage deals next year.AI and tools cont

6、inue to be hot segments We saw the first successful tech IPO this quarter and several IPO ready gaming companies are exploring the listing in 2024.PE firms interest in the gaming sector has increased given the attractive public company valuations and we except several large acquisitions to be led by