Today, Sony Interactive Entertainment and Bungie have announced that the Destiny 2 developer is joining PlayStation as an independent, multi-platform studio and publisher. The deal is worth $3.6 billion. Once the deal closes, Bungie will be “an independent subsidiary” of SIE run by a board of directors consisting of current CEO and chairman Pete Parsons and the rest of the studio’s current management team.

Bungie has limitless potential to unite friends around the world.

We have found a partner in PlayStation that shares our dream and is committed to accelerating our creative vision of building generation-spanning entertainment.

Our journey begins today.https://t.co/PLuVn48zdy pic.twitter.com/kAhRbAg3vD

— Bungie (@Bungie) January 31, 2022

“We believe games have limitless potential, and that to do anything worthwhile in entertainment, we must bet big on our vision, on our studio, and our incredible team of trusted creators who build unforgettable worlds that truly matter to people,” Parsons wrote. “In SIE, we have found a partner who unconditionally supports us in all we are and who wants to accelerate our vision to create generation-spanning entertainment, all while preserving the creative independence that beats in Bungie’s heart. Like us, SIE believes that game worlds are only the beginning of what our IPs can become. Together, we share a dream of creating and fostering iconic franchises that unite friends around the world, families across generations, and fans across multiple platforms and entertainment mediums. Today, Bungie begins our journey to become a global, multi-medium entertainment company.”

Bungie is joining PlayStation.

Here’s what to expect from this exciting news: https://t.co/s1L3PhQ9vK pic.twitter.com/0R1qhnEDKk

— PlayStation (@PlayStation) January 31, 2022

“We’ve had a strong partnership with Bungie since the inception of the Destiny franchise, and I couldn’t be more thrilled to officially welcome the studio to the PlayStation family,” said SIE president and CEO Jim Ryan. “This is an important step in our strategy to expand the reach of PlayStation to a much wider audience. We understand how vital Bungie’s community is to the studio and look forward to supporting them as they remain independent and continue to grow. Like Bungie, our community is core to PlayStation’s DNA, and our shared passion for the gamer and building the best place to play will now evolve even further.” Jim Ryan also says that Bungie’s world-class expertise in multi-platform development and live game services will help deliver on our vision of expanding PlayStation to hundreds of millions of gamers.

I’m absolutely thrilled to welcome Bungie to the PlayStation family! Bungie create community-driven games with outstanding technology that are enormous fun to play, and I know that everyone at PlayStation Studios will be excited about what we can share and learn together. pic.twitter.com/VySocfBxtx

— Hermen Hulst (@hermenhulst) January 31, 2022

Herman Hulst, Head of PlayStation Studios said “I am absolutely thrilled to announce a new member will be joining the PlayStation family! I’ve been a fan of Bungie for many years. I have admired and enjoyed the games that they create – and have great respect for their skill in building worlds that gamers want to explore again and again. Bungie makes games with outstanding technology that are enormously fun to play. They also have unmatched dedication to the communities that play their games, and everyone at PlayStation, and PlayStation Studios, will be excited about what we can share and learn from them. I have spent a great deal of time with the senior team at Bungie and it is clear their experience and skills are highly complementary to our own.We will be ready to welcome and support Bungie as they continue to grow, and I cannot wait to see what the future holds for this incredible team.”