Playtika launches portfolio-wide strategic review

• Playtika is review and evaluating strategic alternatives across its portfolio.
• The publisher said there is no guarantee any transaction will be made.

Playtika has opened a review and evaluation of strategic alternatives across its portfolio to "maximise shareholder value".

The publisher provided no specifics in a short announcement on the matter. The company said the review would be conducted by a Special Committee of the board of directors, composed solely of independent directors.

Playtika stated there is no assurance the strategic review will result in a transaction. Morgan Stanley & Co. LLC has been retained as a financial advisor.

“Playtika does not currently intend to disclose developments related to the strategic review process unless and until the Special Committee and Board have approved a course of action for which further disclosure is appropriate,” read a statement.

The announcement was followed by a 16.8% rise in the company's shares to $3.2, down from $33.81 in February 2021. Playtika currently has a market cap of $1.21 billion.

Review restart

The news is reminiscent of a strategic review launched in February 2022. Bloomberg reported in 2023 Playtika had attracted interest from private equity buyers, but a deal ultimately did not materialise.

By 2024, Playtika paused the evaluation of strategic alternatives, citing “ongoing uncertainty in Israel and Ukraine”. This week, it opened a strategic review again with a new financial advisor.

Playtika itself has been busy on the M&A front. In November 2024 it completed the acquisition of Dice Dreams and Disney Solitaire developer SuperPlay in a deal worth up to $1.95bn. In January 2023, it also made a bid for Angry Birds Maker Rovio, which eventually sold to Sega.

Last year the company said it was allocating up to $450m for "bolt-on" M&A over the next three years. In a recent investor call, president and CFO Craig Abrahams said the company is going to "try and be opportunitistic" for further deals. One of its priorities, however, is investing in SuperPlay.

Financials and job cuts

In Playtika’s latest financials for 2025, the company reported revenue for the year rose by 8.1% to $2.75bn. The company made a net loss of $206.4 million, with adjusted net income of $197.5m. It reported $250.1m in direct-to-consumer revenue in Q4, accounting for 36.8% of sales in Q4.

In January 2026, Playtika announced it was set to lay off 500 employees in the latest round of cuts at the firm.

“Our broad growth mindset is no longer sustainable,” Antokol wrote, adding that Playtika must adjust its organisational structure and operating model in order to continue investing in future products. 

The announcement followed from two months prior suggesting the company was preparing to lay off between 700 and 800 employees, or close to 20% of its workforce.