Sony (SONY) stock was boosted higher on Thursday after it reached a legal agreement with Tencent (TCEHY) concerning Light of Motiram, a video game in development at the Chinese entertainment company.
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The two have reached a confidential settlement agreement after Sony filed a copyright infringement lawsuit against Tencent. Sony’s lawsuit claimed that Light of Motiram was a clone of Horizon Zero Dawn and other games in the Horizon series. The lawsuit listed several similarities, such as the post-apocalyptic world, humans and robots living together, and the appearance of the main characters of each game.
While the outcome of the settlement between Sony and Tencent is unknown, there are signs that Tencent has agreed to halt production of, or at least majorly alter the direction of Light of Motiram. The Steam and Epic Games Store listings for the game have been pulled and early playtests have also been halted. It’s unclear if the game will reemerge down the line, or if this is the end for it.
Sony & Tencent Stock Movements Today
Sony stock was up 0.46% on Thursday, extending a 26.66% gain year-to-date. The stock has also rallied 25.66% over the past 12 months.
Tencent stock was up 2.29% on Thursday, building on a 46.96% year-to-date rally. The shares have also increased 43.24% over the past 12 months.
SONY vs. TCEHY: Which Stock Do Analysts Prefer?
Turning to the TipRanks stock comparison tool, traders can see which of these stocks analysts favor. Both stocks have consensus Moderate Buy ratings and similar upside potentials, with SONY’s at 30.44% and TCEHY’s at 30.29%.
