Xbox’s Bethesda acquisition is evidence of blockbuster gaming’s volatility

Microsoft’s Xbox gaming division is acquiring The Elder Scrolls V: Skyrim publisher Bethesda for $7.5 billion. And it’s difficult to overstate how much this changes gaming. The easiest way for me to think about this is that Xbox just bought one of the only other companies that actually has a major media presentation during E3 (the Electronic Entertainment Expo trade show) each year. This has led to a lot of talk about what the purchase means for Xbox and its Game Pass subscription service. But the deal tells us just as much about how unsustainable the triple-A blockbuster gaming business is.

Bethesda is one of gaming’s main publishing companies. Like Ubisoft, Electronic Arts, and Take-Two, it built a business by creating studios and releasing games for PC and consoles. Its biggest releases are megahits like The Elder Scrolls V: Skyrim and Fallout 4. And yet the owners of ZeniMax Media

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