Nick Summers is a technology journalist for The Next Web. He writes on all sorts of topics, although he has a passion for gadgets, apps and Nick Summers is a technology journalist for The Next Web. He writes on all sorts of topics, although he has a passion for gadgets, apps and video games in particular. You can reach him on Twitter, circle him on Google+ and connect with him on LinkedIn.
Nintendo today announced that it has completed a 9.5 million share buyback, worth 114 billion yen (roughly $1.1 billion USD), from members of the founding Yamauchi family.
Hiroshi Yamauchi joined Nintendo in 1949 and led the company’s transformation from a manufacturer of playing cards and board games into one of the most influential and beloved video game brands. He stepped down in 2002, and passed away in September last year. It’s unclear if some, or all of Yamauchi’s children sold some of their holdings back to Nintendo. Before the deal closed, the family owned 10 percent of total shares in the company.
The buyback comes in the midst of a difficult period for Nintendo. Last month, the company revised its predicted sales numbers for the Wii U from 9 million to 2.8 million for the 12 months following April 2013. The company expects to make a 35 billion ($336 million) loss for the period – current CEO Satoru Iwata will reportedly take a 50 percent pay cut as a result.
Image Credit: Kevork Djansezian/Getty Images
Get the TNW newsletter
Get the most important tech news in your inbox each week.