Former US head of Sony PlayStation launches $225m gaming Spac

The former chief executive of Sony Computer Entertainment America, who helped make the PlayStation a popular gaming console, is leading a $225 million special-purpose acquisition company that’s pursuing a deal in the video game industry.

Jack Tretton, who started his career with Sony in 1995, is now the chief executive of PowerUp Acquisition, according to a prospectus filed with the Securities and Exchange Commission.

Joining Mr Tretton on the management team is Bruce Hack, former chief executive of Vivendi Games and vice chairman of Activision Blizzard from 2008 to 2009.

PowerUp is looking to acquire a company in the interactive media space that focuses on video games, according to the prospectus, but could ultimately choose a company in any industry.

Spacs – also known as “blank-cheque companies” – are publicly listed businesses created to complete an acquisition that brings a private entity to public markets.

This year, more than 600 Spacs priced in the US, surpassing $160 billion, making up the majority of global issuance. However, many Spacs underperform traditional initial public offerings.