Obviously False Rumor: Nexon Looking To Buy Valve
Sometimes, a thing just has the terrible stench of male cow excrement blasting out of every pore. This is one of those times, as South Korean newspaper JoongAng is reporting that free to play MMO factory Nexon is teaming up with NCsoft in an attempt to purchase Valve. According to the report, the companies met yesterday at Nexon’s developer summit to discuss a deal worth some $893 million; and this is the point at which we should be very, very skeptical tat anything in this report is true.
First, we need to bear in mind that Billionaire Gabe Newell all but ruled out selling the company in the New York Times’ profile of Valve from earlier this month. “There was a better chance that Valve would ‘disintegrate,’ its independent-minded workers scattering, than that it would ever be sold,” the article reports Newell having said. “It’s way more likely,” he was quoted saying, that “we would head in that direction than say, ‘Let’s find some giant company that wants to cash us out and wait two or three years to have our employment agreements terminate.’”
There’s also the matter of the reported price. We don’t refer to Gabe Newell as Billionaire Gabe Newell for nothing. Last year, Valve’s total worth was estimated by Forbes at around 3 Billion dollars; Gabe’s stake in the company puts his personal net worth at just about half that. Nexon’s current value is around 1.12 billion, less than half of Valve’s. Hell, Gabe Newell could buy literally Nexon with his own checkbook. There is no way they would agree to sell the company for a laughably small $893 million.
Nexon would not offer comment, but Valve has specifically denied the report, dismissing it as a rumor. If I had to guess, I’d say either that the story is complete BS, or that the report has things reversed, and it’s Valve, not Nexon, offering to purchase.