Pearl Abyss Might Sell CCP Games

According to InvestGame, South Korean multi platform game developer Pearl Abyss is reportedly preparing to sell its Iceland-based subsidiary, CCP Games. CCP is best known as the developer of EVE Online, a long-running sci-fi MMORPG with a dedicated global player base. According to several other sources familiar with the matter, Pearl Abyss has appointed a third-party underwriter to oversee the sale process. If completed, the transaction would mark the company’s first major divestment since going public.

Pearl Abyss Might Sell CCP Games

Pearl Abyss Might Sell CCP Games

Pearl Abyss originally acquired CCP Games in 2018 in a deal valued at up to $425 million, including performance-based earn-out payments. At the time, the acquisition was viewed as a strategic move to diversify beyond the company’s flagship title, Black Desert. However, over the years, CCP’s attempts to expand into new genres and platforms — including ventures into virtual reality, first-person shooters, and experimental game technologies — have not achieved significant commercial traction.

EVE Online Continues to Generate Revenues

Despite mixed outcomes from CCP’s broader product efforts, EVE Online remains a consistent revenue generator. For 2024, revenue from the EVE IP is projected to reach approximately $60 million (₩85.2 billion), supported by ongoing content updates such as the recent Equinox expansion. The game continues to attract a dedicated, high-retention user base and operates under a monetization model that prioritizes long-term player engagement.

Pearl Abyss’s financial position remains stable, even amid a broader decline in topline revenue and operating margins. According to its latest financial statements, the company holds roughly $87 million (₩124.8 billion) in cash and equivalents, with around $57 million (₩81.2 billion) in total debt. This places its net cash position at approximately $30 million (₩43.6 billion), allowing room for strategic decisions, including potential portfolio adjustments.

Pearl Abyss Might Sell CCP Games

EVE Frontier and Blockchain Strategy 

EVE Frontier is a survival MMO set in the broader EVE Online universe. The game places players in the role of a lone survivor who has emerged from stasis into a ruined galaxy. Civilization has collapsed, and the remnants are overrun by rogue artificial intelligence, corrupted drones, and the gravitational pull of supermassive black holes. The player must navigate hostile environments, collect limited resources, and construct a functioning spacecraft using salvaged technology.

One of the core systems in EVE Frontier is Smart Assemblies, which allows players to program in-game elements such as missions, trade hubs, and infrastructure. These systems are tied into a broader player-driven economy that uses Ethereum and Redstone, a layer-2 blockchain network designed specifically for gaming environments.

Shifting Strategic Focus at Pearl Abyss

Since acquiring CCP Games, Pearl Abyss has pursued a cautious mergers and acquisitions strategy. The only additional acquisition made during this period was that of mobile-focused Factorial Games for roughly $17.8 million (₩20 billion) in 2021. More recently, the company has been concentrating its development resources on internal intellectual properties such as Crimson Desert and DokeV. This shift indicates a strategic realignment toward in-house content development and may explain the decision to divest from CCP Games.

The move appears consistent with efforts to streamline operations, reduce fixed costs, and focus on projects with clearer alignment to the company’s current development priorities. As a result, CCP Games may no longer fit within Pearl Abyss’s evolving business strategy, especially given the challenges of launching new IPs within the highly competitive gaming sector.

Pearl Abyss Might Sell CCP Games

Value of CCP Games to Potential Buyers

For potential acquirers, CCP Games offers more than just an established game title. In addition to its IP, the studio brings extensive operational experience in managing large-scale, persistent online web games. Its expertise in maintaining a long-term live-service business is considered a valuable asset, particularly in a market where the ability to sustain MMOs over many years is rare.

Comparable companies have recently attracted significant acquisition interest. For example, Jagex, the UK-based developer behind RuneScape, was acquired in 2024 by CVC Capital Partners and Haveli Investments in a deal reportedly valued at over $1.1 billion. While Jagex and CCP operate different game models and target audiences, both companies share key strengths, including stable recurring revenues, loyal communities, and deep knowledge of MMO infrastructure.

Private equity funds may view CCP Games as a suitable investment, given its predictable cash flow and lean operational structure. Similarly, strategic buyers with a background in MMO publishing and operations — such as NCSoft or other global players in the online gaming space — could find synergies in technology, audience reach, and development capabilities.

Pearl Abyss Might Sell CCP Games

Potential Market Impact

If the rumored sale goes forward, it would signal a significant development in Pearl Abyss’s corporate strategy and reflect the evolving priorities of the global gaming industry. What began as a diversification effort beyond Black Desert has gradually shifted, with the CCP acquisition appearing less aligned with Pearl Abyss’s current goals. However, for the right buyer, CCP Games represents a functioning live-service model with proven resilience and a development team with decades of experience managing complex digital environments.

In an era where building and maintaining successful MMOs requires significant time, capital, and technical infrastructure, acquiring CCP Games may offer a more efficient route into a challenging segment of the gaming market. The potential deal could also reflect broader trends, including consolidation among developers with strong live-service credentials and the increasing value placed on community-driven, persistent online game worlds.