Deconstructor of Fun TWIG #361 WB Games’ Fate, CoD’s Apology Tour & the UA Financing Trap
Dec 11, 2025
Josh Chandley, performance marketing executive and president/COO of Wild Card Games, dives into the intricate world of user acquisition financing. He exposes the hidden pitfalls of cohort funding, pointing out its dangerously high effective interest rates. The conversation also touches on the surprising success of a $200 kids' console that outperformed the PS5, and the implications of Call of Duty's apology tour for its yearly release cycle. Plus, insights on AppLovin's rise against Google in Android e-commerce ads reframe the future of user acquisition.
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EA Deal Is Strategic, Not An LBO
- Matthew Ball frames the EA–PIF deal as strategic, not an LBO, because PIF will own ~93% of EA.
- The acquisition appears aimed at building a sports-media/interactive ecosystem leveraging EA tech and live rights.
Execution, Not Strategy, Is The Main Risk
- Execution is the hard part: media people can buy rights but may lack interactive expertise and risk damaging game teams.
- EA's interactive tech likely matters to the strategy, but EA may lack the right leadership to integrate media and games.
Carve Up Assets To Protect Game Teams
- If a media buyer doesn't care about games, consider carving up assets and selling studios to houses that do care.
- Preserve strong studios by finding owners focused on long-term game development and licensing value.