Epic Games completed a $1 billion funding round at a $28.7 billion valuation back in April. Now, they’re putting that cash to work.

Last week, Epic, creator of megahit “Fortnite,” purchased Sketchlab, a software platform for buying and selling 3D, AR, and VR objects. The move signals a commitment to the emerging AR and VR industries.

Terms were not disclosed. Epic will integrate Sketchlab’s technology into its game-creating platform, the Unreal Engine, and lower the commission fees it takes from sales to 12%, matching that of Epic’s game store.

Epic has focused on accumulating tools and networks for game creators in its acquisitions this year as it diversifies beyond “Fortnite.”

• Epic bought RAD Game Tools in January and 3D modeling company Capturing Reality in March.
• It bought Tonic Games Group, owner of Mediatonic and its smash hit “Fall Guys,” in another March deal.
• It acquired digital art marketplace and networking hub Artstation in April.

“Fortnite” has been the company’s main source of revenue over the last three years.

In 2018, the game accounted for 97% of Epic’s revenue. That number has dropped since — 88% in 2019, 77% in 2020 (estimated) — but the franchise remains the heart of Epic’s business.

Tata Consultancy Services (TCS) plans to spend up to $280 million on global race sponsorships through 2029, per CNBC. 

TCS, which specializes in IT services and consulting, counts Microsoft and AstraZeneca among clients and is owned by Tata Group, a multinational conglomerate based in Mumbai. 

TCS has a market cap of roughly $159 billion and trades on the National Stock Exchange of India. 

The money spent on races, and other sporting events, is part of a larger plan to humanize TCS and get a global audience more familiar with the brand.

• It renewed its title sponsor agreement with the NYC Marathon last week in a deal that runs through 2029. TCS has been the event’s title sponsor since 2014.
• The firm became the title sponsor of the London Marathon in a six-year deal in June.
• It inked a helmet sponsorship deal with the NHL’s Philadelphia Flyers in January.

The firm reported $6.15 billion in revenue for Q1 2022, a 21.6% increase year-over-year. The company’s workforce surpassed 500,000 after adding 20,409 employees during the quarter.

Activision Blizzard — the company behind “Call of Duty” and “Candy Crush” — is known as one of the top gaming companies in the world. Allegations of unequal pay and harassment threaten to change that perception.

The Santa Monica-based company is facing a lawsuit brought by the California Department of Fair Employment and Housing alleging that “female employees receive lower starting pay and also earn less than male employees for substantially similar work,” and have less opportunity at the company.

The lawsuit details a “frat-boy culture” in which men sexually harassed female workers and created a toxic workplace. Many employees have come forward with their own corroborating experiences.

The ongoing lawsuit has shaken the $70 billion gaming giant.

• Activision said California’s filing is “distorted, and in many cases false” — prompting almost 1,000 employees to sign a petition criticizing the response.
• “World of Warcraft” senior system designer Jeff Hamilton said on Twitter that “almost no work is being done” on the game “while this obscenity plays out.”
• President Allen Brack said “the behavior detailed in the allegations is completely unacceptable.”

Activision Blizzard dealt with controversy earlier this year when it was revealed that CEO Bobby Kotick is making $155 million this year, despite the company laying off around 190 employees. 

The company reports Q2 earnings next Tuesday, coming off a strong Q1 when it pocketed $2.28 billion in revenue.

As of July 1, college athletes can profit from their name, image, and likeness. 

Less than a month after the landmark ruling, the NIL millionaire club has emerged, and it’s growing.

• Nick Saban says Alabama quarterback Bryce Young has already made nearly $1 million off his NIL.
• Incoming Tennessee State University basketball player Hercy Miller, the son of Master P, signed a $2 million endorsement deal with technology company Web Apps America. 
• With over 5 million social followers, high school hoops sensation Mikey Williams signed a contract with Excel Sports Management that’s expected to earn him millions.
• LSU gymnast Olivia Dunne has yet to sign a contract, but entertainment lawyer Roy Maughan Jr. estimates she could strike a deal worth $4 million-$5 million.

The NIL landscape has drawn both praise and criticism from high school and college coaches. Saban said he knows that things will likely be unequal. Kirby Smart, Georgia’s football coach, warned elite players to be selective about the brands they work with.

North Carolina became the first college athletics program to organize group licensing deals with third parties.

Michigan football players were the first to cash in on jersey sales featuring their names. The deal is with The M Den, Michigan’s officially licensed retailer, not the school.