Sony Pictures Entertainment and AT&T have put casino game maker, GSN Games, on the bidding block a few months ago and awaiting the first round of results. It should be noted that the sale is limited only to the gaming unit and does not extend to the GSN cabler, also jointly owned by Sony and AT&T.
Sony wants to explore the market in terms of what the gaming outfit, headed by GSN president-CEO Mark Feldman, can bear. On the other hand, AT&T sees this as an opportunity to sell off no-core assets to reduce its mountain of debt (close to $170 billion).
Producing a range of branded gaming titles, the partners are optimistic that the bid will yield results in the $600-$700 million range.
Currently, Sony owns 58% of the company while the remaining 42% is held by AT&T. The sale process underway could lead to Sony buying out AT&T’s stake, or it may also attract new investors to the unit.