Mikael Hed, the CEO of Angry Birds maker Rovio Entertainment Ltd, will be stepping down from his role in the new year.
Dublin: 30.08.2014 11.25AM
Rovio, the company behind mobile gaming phenomenon Angry Birds, could receive funding that would value it at about US$1.2bn.
Bloomberg reports that Rovio may take a strategic investment from an unnamed company in the entertainment industry. Rovio has reportedly rejected similar offers from large institutional investors.
Investors could include EA, Zynga, News Corp or Disney, suggests Michael Pachter, managing director of research at Wedbush Securities. Rovio received US$42m in funding last March from numerous tech investors.
This funding could be used to make an Angry Birds movie and to open offices outside of Finland. It may also use the funds to boost the brand further in countries such as China.
Rovio earns huge money through merchandising for the mobile game. It has sold 7m Angry Birds toys since launching them last year and has recently begun selling Angry Birds baby clothes.