^agree though, well i think even if their branding or IPs lost all their value, there's still other value there... they have more in intangible assets than ppe... i mean it's half goodwill, but usually tech companies have a lot of proprietary software that is probably going to be very undervalued...
in the sense that, ok, say their proprietary analytics, user metrics platform, etc is valued at $20-30m but to Activision Blizzard, wanting to enter p2w mobi... for software proven by king's consistently growing revenue (and how their new games continue to grow total rev/prof even as candy crush declines), growing users (and the data on those users, period)... i mean, Atvi will obviously pay a pretty large premium for that
and even if King IPs die, those analytics and metrics platforms, market user data and general segment intelligence, targeting, etc, that infrastructure (the data and analytics, the platform, the development team experienced with it).. the developer experience and dev process already existing.... those still have pretty significant value
atvi can come in and just plug in their own ips... plug skylanders into the those mobi or vice versa, try plug the platform into skylanders, hearthstone... do collabs a la lego x minecraft, etc... skylanders x candy crush. there's still a lot of risk of course and i totally get what you mean about tangible assets... just meant that i think their intangible assets are as much or more about their software and infrastructure than just their ips