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，私募股权把视频游戏作为目标很奇怪。这是一项靠畅销产品驱动的业务，因此通常不会产生能使杠杆收购(LBO)成功的稳定现金流。而且该行业正发生结构性转变。盈利极为丰厚的游戏机模式（客户购买光盘来插入置于沙发前的那个盒子）正在衰落：据研究机构NPD称，2008年至2011年期间，美国的游戏软件销售下降了15%。
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