Friday, September 23, 2016
SGN Becomes Jam City, Eyes IPO, As It Nears $400M In Revenues
Los Angeles-based mobile game developer SGN has renamed itself Jam City, and says it is expecting $400M in revenues next year--and is eyeing a possible IPO. The company--led by former MySpace founder Chris DeWolfe--also said it has acquired the game rights to the comic strip "Peanuts", which Jam City will release as a new mobile game later this year. Financial details of that licensing deal were not announced. Jam City said the old name of the company "lacked the spirit" of its products. "Jam" refers to two of the company's most popular titles--Cookie Jam and Juice Jam. Dewolfe suggested in an interview with TheStreet that the company was considering an IPO in the future.