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In some breaking news, the famous video game company Atari has officially entered into an agreement to acquire developer and publisher Night Dive Studios - known best for reviving classic games such as System Shock, Quake and Doom 64 on modern platforms.

Atari will acquire "100% of Night Dive Studios" with hopes to "enrich" its own already large library of IP with Night Dive's proprietary technology - including the KEX Engine, which makes older games playable on new hardware.

The announcement was made via Yahoo! Finance report, with the acquisition expected to be completed by April 2023.

The terms "consist of an initial consideration of US$10 million payable half in cash and half in Atari shares at the closing of the acquisition plus an earn-out of up to US$10 million, payable in cash over the next three years based on the future performance of Night Dive".

Principals of NightDive Stephen Kick and Larry Kuperman mentioned how both companies share a mutual passion for retro games and producing high-quality new & remastered titles, and believe Night Dive couldn't have teamed up with a better long-term partner than Atari.

Atari's Chairman and CEO Wade Rosen, who already had a 13% minority stake in Night Dive, said the game company had "proven experitise" and success in commercialising retro IP, and said it was "well-aligned" with Atari's "retro-focused growth" strategy moving forward.

What do you make of this acquisition? Comment below.