Video gaming looks, at first blush, like a very odd target for private equity. It is a hit-driven business, so it doesn’t usually generate the stable cash flows that make leveraged buyouts work. And the industry is undergoing structural change. The fabulously profitable console gaming model, in which customers buy a disc to slap into that box in front of the couch, is in decline: between 2008 and 2011 console software sales dropped 15 per cent in the US, according to researcher NPD.
乍看之下，私募股權把視頻游戲作為目標很奇怪。這是一項靠暢銷產品驅動的業務，因此通常不會產生能使杠桿收購(LBO)成功的穩定現金流。而且該行業正發生結構性轉變。盈利極為豐厚的游戲機模式（客戶購買光盤來插入置于沙發前的那個盒子）正在衰落：據研究機構NPD稱，2008年至2011年期間，美國的游戲軟件銷售下降了15%。
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