Sony has now booked roughly $765M of Bungie-related impairment in FY25, with about $560M of that newly recorded in Q4. Sony has written down Bungie-related intangible and other assets by ¥120.1B, roughly $765M, including a fresh ¥88.6B / ~$565M Q4 impairment. That is not the same as Bungie losing $765M in cash, but it is a major admission that Sony overvalued the acquisition or that Bungie’s expected future earnings have deteriorated significantly. Sony’s official FY2025 earnings deck says it recorded impairment losses against Bungie, Inc.’s intangible and other assets of: Period Yen Rough USD Q2 FY25 ¥31.5B about $200M–$210M Q4 FY25 ¥88.6B about $565M FY25 total ¥120.1B about $765M–$800M, depending on FX rate I told you that they will not do an impairment after the first one. They will wait a quarter and hope things stabilize. They waited, and now you see the actual numbers. In money terms, this is not a major deal. 3 or 4Bil, no one cares, really. But, the fact they have written down 21% of the value is astonishing. That does not happen unless things are bad, and I mean seriously catastrophic. Sony will be fine. Bungie is finished. There is no way they can survive this. This is an admission by Sony that this acquisition was a mistake. What this means is that Bungie and Sony tested the value, waited after the first impairment, and then recorded a much larger Q4 write-down. That is a public accounting signal that the Bungie acquisition has gone seriously wrong. [spoiler]Moderator edit: This thread has been moved to #Offtopic, a more appropriate forum for this offtopic discussion. Feel free to private message the moderator who moved your post, link to topic, for further clarification about why this topic was moved.[/spoiler]