Sony’s biggest gaming acquisition has become its most expensive lesson. On May 8, 2026, in its full-year financial results for the fiscal year ended March 31, 2026, Sony Group disclosed an impairment loss of roughly 120.1 billion yen – about $765 million – tied to the value of Bungie, the Seattle-area studio it bought for $3.6 billion just four years earlier. The charge arrived in two tranches: about 31.5 billion yen (~$204 million) in the July–September 2025 quarter, citing Destiny 2‘s underperformance, and a larger 88.6 billion yen (~$565 million) in the January–March 2026 quarter – the same window in which Bungie’s long-troubled extraction shooter Marathon launched on March 5, 2026 and stumbled.
Updated June 2026: The picture has darkened sharply since the writedown. On June 25, 2026, Sony confirmed a fresh round of Bungie layoffs – Bloomberg’s Jason Schreier put the scale at roughly 400 of about 800 remaining staff (about half the studio), while a Washington State WARN filing for the Bellevue headquarters listed 292 affected workers, with separations starting as early as July 9, 2026. The cuts gutted most of the Destiny 2 team and hit some Marathon staff, and studio head Justin Truman stepped down. Destiny 2‘s live service has ended: Bungie shipped its final content update, “Monument of Triumph,” on June 9, 2026, closing nearly a decade of seasonal content, with no new seasons planned and a reported Destiny 3/”Destiny Infinity” relaunch discussed but set aside. Marathon, meanwhile, had sold about 1.2 million copies across all platforms as of April 2026 (no updated total has been publicly confirmed since), and its Steam concurrency collapsed from a launch peak of 88,337 to a May peak of around 17,131. Bungie is now effectively a single-project studio, and PlayStation Studios chief Hermen Hulst has reaffirmed Sony is still backing Marathon, calling it “a crucial part of our portfolio.”
The writedown is an accounting event, not a shutdown. But it crystallizes a question that has shadowed the Sony Bungie relationship since 2023: was paying $3.6 billion for the maker of Halo and Destiny a masterstroke that would teach PlayStation how to build live-service hits, or a top-of-the-cycle bet on a genre that was already cooling? This analysis breaks down the numbers, the timeline, the layoffs, the Marathon launch, and what the impairment signals about Sony Interactive Entertainment’s broader platform strategy heading into 2027.
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Sony’s $765 Million Bungie Writedown, Explained
An impairment loss is an accounting recognition that an asset is worth less on the books than the price originally paid for it. When Sony acquired Bungie in 2022, a large chunk of the $3.6 billion price was recorded as goodwill and intangible assets – the premium Sony paid above Bungie’s tangible net worth, justified by expectations of future profit from Destiny 2 and unannounced franchises like Marathon. Across fiscal 2025, those expectations fell far enough that Sony’s auditors required the company to write down the carrying value by approximately 120.1 billion yen – a Destiny-driven 31.5 billion yen markdown booked mid-year, followed by a far larger 88.6 billion yen charge after Marathon‘s March 2026 launch fell short.
Crucially, the charge is non-cash. Sony did not hand $765 million to anyone; it simply acknowledged that the Bungie line item on its balance sheet was overstated relative to the cash flows the studio is now expected to generate. That distinction matters, but it does not soften the strategic message. A writedown of this size is management conceding, in audited filings, that the deal’s original thesis has not held up. For a Sony Bungie partnership sold to investors as a live-service growth engine, that is a significant admission – and the June 2026 layoffs and Destiny 2 sunset that followed only sharpened it.
Sony president and CEO Hiroki Totoki has spent the past two years repositioning the games division around fewer, higher-conviction live-service bets and a renewed focus on first-party single-player tentpoles. The Bungie impairment is the clearest financial marker yet of that recalibration. Even so, Sony has repeatedly reaffirmed it is backing Marathon rather than abandoning it – most recently through PlayStation Studios head Hermen Hulst in late June 2026 – a stance that signals the company still sees salvageable value in the studio’s online expertise, even after taking the loss and trimming the workforce.
How the $3.6 Billion Acquisition Got Here
Sony announced the Bungie acquisition on January 31, 2022, closing it later that year. At the time, the $3.6 billion price tag was framed not as a typical studio purchase but as an acqui-hire of live-service capability. Bungie would remain an independent, multiplatform publisher – it kept shipping Destiny 2 on Xbox and PC – while quietly advising Sony’s other studios on how to build and operate “games as a service.” That independence clause was central to the deal’s logic and, in hindsight, central to its friction.
The timeline below tracks the major milestones from the deal’s announcement to the 2026 writedown and the layoffs that followed it. It shows how quickly the narrative shifted from optimism to retrenchment, with the first public crack – the 2023 layoffs – arriving barely a year after the ink dried.
| Date | Event | Key figure |
|---|---|---|
| Jan 31, 2022 | Sony announces Bungie acquisition | $3.6 billion price |
| Mid-2022 | Deal closes; Bungie stays independent, multiplatform | ~1,200 staff |
| Oct 2023 | First major layoffs amid Destiny 2 shortfall | ~100 jobs (~8%) |
| Jun 4, 2024 | Destiny 2: The Final Shape ships to strong reviews | ~80+ Metacritic |
| Jul 2024 | Second, deeper layoff round; roles integrated into Sony | ~220 jobs (~17%) |
| 2025 | Marathon indefinite delay, beta tests, art-credit controversy | Multiple slips |
| Mar 5, 2026 | Marathon launches at $40 on PS5, Xbox, PC | ~82 Metacritic |
| May 8, 2026 | Sony books ~120.1B yen Bungie impairment in FY2025 results | ~$765 million |
| Jun 9, 2026 | Destiny 2’s final update “Monument of Triumph” ships; live service ends | ~10 yrs of content closed |
| Jun 25, 2026 | New layoffs gut Destiny 2 team; studio head Justin Truman exits | ~400 cut (292 in WA WARN) |
Read together, the milestones describe a classic post-acquisition unwind: a premium price justified by future growth, an early revenue miss, successive cost cuts, a flagship new IP that arrived late and underwhelmed, the accounting reckoning, and finally a sweeping restructuring that ended Destiny 2 as a live game. The Sony Bungie deal is now a case study that rivals and investors will reference for years whenever a platform holder pays a premium for live-service know-how.
Marathon’s Disappointing Launch
Marathon was supposed to be the proof point. A PvP extraction shooter reviving Bungie’s 1990s sci-fi franchise, it was positioned as the studio’s second pillar alongside Destiny and as evidence that Sony’s investment could mint a new live-service hit. Instead, the project became emblematic of everything difficult about the genre in the mid-2020s: a crowded extraction-shooter field, a demanding $40 buy-to-play economy, and a development budget that ballooned well beyond what the eventual audience could justify.
After a closed test cycle in 2025, a public dispute over uncredited artwork – an independent artist accused the studio of using her designs without permission, and Bungie acknowledged a former contributor had incorporated unauthorized assets – and an indefinite delay, Marathon finally launched on March 5, 2026 for PlayStation 5, Xbox Series X/S, and PC at a $40 price point. Critically it landed reasonably well, scoring around 82 on Metacritic (81 on PC and PS5, 83 on Xbox) with over 90% positive Steam reviews. Commercially, the result was sobering: the game had sold only about 1.2 million copies across all platforms as of April 2026 – the most recent figure Sony and analysts have put on the record, with no updated total publicly confirmed since – against a reported production and marketing budget exceeding $250 million, a ratio that all but guaranteed the impairment that followed.
Worse for a live-service title, the audience evaporated fast. Marathon peaked at 88,337 concurrent players on Steam during launch week in March 2026, but average concurrency that month was already only about 37,366, and by May 2026 the monthly peak had fallen to roughly 17,131 – a drop of more than 80% from the launch high. The game has since moved into its second season, but Bungie has not published updated late-June concurrency or sales figures, and the trajectory through spring pointed to continued decline rather than recovery.
Why extraction shooters are a brutal market
The extraction-shooter subgenre – popularized by Escape from Tarkov and pushed mainstream by titles bolted onto larger franchises – rewards entrenched communities and punishes newcomers. Live-service economics depend on a durable daily-active-user base, not a strong opening week. With players’ time and money already committed to incumbents, a new premium-priced or buy-to-play extraction title needs near-flawless execution to break in. Marathon launched into that gauntlet carrying years of delay narratives and a bruising publicity cycle, and the early concurrency collapse – from a launch peak of 88,337 to a May peak near 17,131 in roughly two months – reflected it.
Sony’s decision to keep supporting the game rather than cut it loose suggests the company believes a content-and-update turnaround is still possible – the same playbook that revived several live-service titles after rough debuts. But each post-launch season costs money, the June 2026 layoffs thinned even the Marathon team, and the impairment makes clear the bar for the game to repay its investment has moved largely out of reach.
The Numbers Behind the Impairment
To understand the scale of the charge, it helps to line up the figures Sony and analysts have put on the record. The table below summarizes the financial anatomy of the Sony Bungie writedown and the Marathon shortfall that triggered the larger of its two tranches.
| Metric | Figure | Notes |
|---|---|---|
| Bungie acquisition price (2022) | $3.6 billion | Announced Jan 31, 2022 |
| FY2025 impairment loss (total) | ~120.1 billion yen (~$765M) | Reported May 8, 2026 |
| Q2 (Jul–Sep 2025) tranche | ~31.5 billion yen (~$204M) | Destiny 2 underperformance |
| Q4 (Jan–Mar 2026) tranche | ~88.6 billion yen (~$565M) | After Marathon launch |
| Marathon estimated sales | ~1.2 million copies | As of April 2026 (latest confirmed) |
| Marathon Steam peak concurrency | 88,337 at launch | March avg 37,366; May peak ~17,131 |
| Marathon reported budget | $250 million+ | Production and marketing |
| Impairment as % of price | ~21% | Of the $3.6B paid |
Two things stand out. First, the writedown erases roughly a fifth of the deal’s value in a single fiscal year – a steep mark for an asset Sony has owned for only four years. Second, the timing of the larger tranche aligns with Marathon‘s arrival: an impairment is forward-looking, so booking it after the March launch reflects revised expectations for the studio’s entire future cash flow, not just one quarter’s sales. In plain terms, Sony’s accountants concluded that the most optimistic version of the Bungie thesis is no longer the base case.
It is worth noting the conservative framing here. Reporting on the two-quarter split lands the full-year total in the high-$700-million range – some outlets cite $766 million, others ~$765 million – but the figures converge on the same order of magnitude: a roughly three-quarter-billion-dollar hit. Where sources differ on the rounding, the prudent read is that the loss sits in the high-$700-million range for the fiscal year.
Bungie’s Layoff Spiral, 2023 to 2026
The impairment did not arrive without warning. Bungie’s headcount has been shrinking since the year after the acquisition. In October 2023, the studio cut around 100 jobs – roughly 8% of staff – with CEO Pete Parsons telling employees that Destiny 2 revenue had fallen short and that pre-orders for the The Final Shape expansion were running well below internal projections. For a studio that had just commanded a $3.6 billion valuation, the speed of that reversal was jarring.
The deeper cut came in July 2024, when Bungie eliminated roughly 220 roles – about 17% of its staff – with some teams and incubation projects integrated into Sony Interactive Entertainment. That move quietly eroded the “independent subsidiary” framing that had defined the deal, folding Bungie talent into Sony’s wider org chart and signaling that the parent company wanted tighter control over costs and output.
Then came the heaviest blow yet. On June 25, 2026, weeks after the writedown, Sony Interactive Entertainment confirmed a sweeping reduction in force as it reorganized Bungie. Bloomberg’s Jason Schreier reported the scale at roughly 400 of about 800 remaining roles – about half the studio – while a Washington State WARN filing covering the Bellevue headquarters listed 292 affected workers, with separations taking effect as early as July 9, 2026. The round gutted most of the Destiny 2 development team as that game’s live service wound down, reached into Marathon roles, and saw studio head Justin Truman step down. In an internal note, Bungie said that “following our final content update for Destiny 2, and with our upcoming projects still in early stages, we regrettably cannot sustain our previous workforce size.” By the time the dust settled, Bungie was a materially smaller, effectively single-project studio than the one Sony bought, with much of its bench either departed or absorbed into PlayStation’s broader structure. The layoff spiral and the impairment are two views of the same story: a high-priced acquisition whose revenue base contracted faster than anyone modeled in 2022.
Why Destiny 2 Couldn’t Hold the Line
Bungie’s flagship Destiny 2 was the studio’s revenue engine, but it had been a maturing one – and in 2026, Bungie wound the live service down entirely. The June 4, 2024 release of The Final Shape – the long-promised conclusion to the decade-spanning “Light and Darkness” saga – was a critical high point, earning scores in the low-80s on Metacritic and widespread praise for paying off years of storytelling. Reviewers called it the franchise’s strongest expansion in years.
Critical acclaim, however, did not translate into the sustained spending Sony needed. A saga finale is, by definition, a culmination; it gives long-time players a reason to log off as much as a reason to stay. The post-Final Shape content cadence struggled to retain the audience, and the live-service treadmill that had powered Destiny 2 through the late 2010s ran out of momentum just as the broader market grew more competitive and more cost-conscious. On June 9, 2026, Bungie shipped Destiny 2‘s final major content update, “Monument of Triumph,” closing nearly a decade of continuous live-service development on a game that first launched in 2017, and confirmed that no new seasons or expansions are planned. A rumored Destiny 3-style relaunch, reportedly discussed internally under the working name “Destiny Infinity,” was set aside. The servers stay online, but the live game is effectively over.
The live-service fatigue problem
Across the industry, the mid-2020s have been unkind to live-service newcomers and aging incumbents alike. Players have finite time and increasingly consolidate around a handful of “forever games,” leaving little oxygen for the dozens of titles chasing the same recurring-revenue model. Destiny 2‘s wind-down and Marathon‘s hard landing are both symptoms of that consolidation. For Sony, which bought Bungie precisely to ride the live-service wave, the timing of the purchase now looks like the top of a cycle rather than the start of one.
What Analysts Are Saying
Industry watchers have framed the writedown as a predictable, if painful, correction. Niko Partners senior analyst Daniel Ahmad, who tracks the cumulative Bungie charges across Sony’s filings, has characterized the impairment as the financial acknowledgment of a multi-year underperformance rather than a single bad quarter – reflecting the studio’s repeated markdowns on Sony’s results, now spread across two fiscal-2025 quarters and tied to both Destiny 2 and Marathon.
Forbes games contributor Paul Tassi, a longtime Destiny chronicler, summed up the corporate posture bluntly: Sony is “backing Marathon even after $765 million in Bungie losses.” His reading is that Sony has too much invested – financially and reputationally – to walk away mid-launch, and that the company is betting a sustained content turnaround can still recover some value from the franchise. His June 26 follow-up, “A Studio Shattered,” surveying the aftermath of the mass June 25 layoffs, struck a far more skeptical note about whether that turnaround is realistic.
The broader analyst consensus lands on three points. “Goodwill impairments are downward adjustments of an asset’s recorded value,” as financial commentators explained the mechanics to gaming audiences – meaning the charge reflects revised future expectations, not a present-day cash crisis. Sell-side observers add that Sony’s overall games segment remains profitable and that the Bungie loss is contained, even as it dents the strategic narrative. And studio-watchers note that the real cost is opportunity: the talent and capital tied up in Bungie – much of it now cut loose in the June 2026 layoffs – could have funded several smaller, surer bets.
Market Impact: Sony Interactive Entertainment’s Live-Service Bet
For PlayStation, the immediate financial damage is manageable – a non-cash charge against a games division that still ships tens of millions of consoles and generates substantial software and subscription revenue. The strategic damage is harder to quantify. Sony spent the early 2020s telling investors it would diversify beyond single-player blockbusters into recurring live-service income, and Bungie was the cornerstone of that pitch. The writedown – followed by the Destiny 2 sunset and a fresh round of layoffs – undercuts the thesis just as Sony is leaning back toward the first-party narrative franchises that built the brand.
That pivot is already visible in how Sony allocates attention. Under Hiroki Totoki, the company has pared back the number of live-service projects in development, cancelled or rebooted several, and re-emphasized the prestige single-player tentpoles that anchor PlayStation hardware sales. The Bungie impairment functions as both cause and justification for that course correction: it is the receipt for the live-service experiment and the rationale for spending more cautiously on the genre going forward.
There is also a platform dimension. PlayStation’s value proposition rests on exclusive, must-play software that sells consoles and drives PlayStation Plus subscriptions. A live-service flagship that fails to capture an audience contributes little to that flywheel, no matter how large its budget. The lesson Sony appears to be drawing is that platform strength still flows primarily from owned, differentiated content – not from buying into a crowded genre at a premium.
Competitive Comparison: How Rivals’ Live-Service Bets Fared
Sony is not alone in chasing recurring revenue, and the comparison with rivals sharpens the lesson. Microsoft poured billions into Xbox’s content engine and has spent 2026 absorbing the fallout of its own restructuring, while Nintendo took the opposite tack – leaning on owned franchises and dedicated hardware rather than third-party live-service bets. The table below frames each platform holder’s recent posture.
| Company | Live-service posture | 2025–2026 signal |
|---|---|---|
| Sony (PlayStation) | Bought Bungie for live-service know-how | $765M Bungie writedown; Destiny 2 wound down, June 2026 layoffs; pivot back to first-party |
| Microsoft (Xbox) | Acquisition-led content scale | Restructuring and layoffs after a $68.7B bet |
| Nintendo | Owned IP + dedicated hardware | Switch 2 momentum, light on live-service risk |
| Valve (Steam/PC) | Platform + storefront economics | Hardware push and storefront dominance |
| Epic Games | Fortnite as a live-service platform | Creator economy and store expansion |
The pattern is instructive. The companies that fared best in 2025–2026 leaned on assets they fully control – Nintendo’s owned franchises, Valve’s storefront, Epic’s Fortnite ecosystem – while the platform holders that paid premiums to buy into content or live-service scale, Sony and Microsoft, both spent the period digesting writedowns and restructurings. The Sony Bungie impairment is the PlayStation chapter of a broader correction in how much the industry is willing to pay for the live-service dream.
Historical Context: Gaming’s Costliest Acquisition Stumbles
Big-ticket gaming acquisitions have a mixed track record, and Sony’s Bungie experience fits a recognizable arc. The industry’s history is littered with premium purchases that looked visionary at signing and sobering a few years later, as the acquired studio’s output failed to match the multiple paid for it. Goodwill impairments are the accounting language in which those stories are eventually told.
What distinguishes the Bungie case is the speed. Many acquisition disappointments take five to ten years to surface; Sony booked a roughly 21% impairment of its original $3.6 billion Bungie acquisition value within just four years of closing, then dismantled Destiny 2‘s live service the month after. That compressed timeline reflects how fast the live-service market shifted – and how aggressively Sony had front-loaded its expectations. The deal was priced for a genre still in ascent; by the time Marathon shipped, that ascent had flattened.
The encouraging counterpoint is that an impairment is not a verdict on a studio’s future. Bungie still owns Destiny and Marathon, retains deep online-engineering expertise, and operates one of the most technically sophisticated live-service backends in the business. Writedowns reset expectations; they do not, by themselves, end franchises. Whether Sony can rebuild value from the lowered base – with a smaller team and a single live game to show for it – is the open question that defines the next two years.
What the Writedown Means for PlayStation’s Platform Strategy
Strip away the accounting and the Sony Bungie writedown delivers a clear strategic message: PlayStation’s competitive moat is its first-party, narrative-driven exclusives, and the live-service detour has been costly. Expect Sony to concentrate its biggest budgets on the prestige single-player franchises that reliably move hardware, while treating live-service as a selective, lower-risk supplement rather than a core growth engine.
For Bungie specifically, the path forward has narrowed dramatically: with Destiny 2‘s live service ended and its team gutted in June 2026, the studio is now centered on squeezing whatever long-tail value it can from Marathon through content updates, plus smaller incubation efforts. The era of Bungie as Sony’s live-service tutor – advising other studios on how to build the next forever game – is effectively over, replaced by a mandate to manage a single live title efficiently and prove it can still ship something new.
For the wider platform war, the takeaway is that owning the right content matters more than owning the most content. Nintendo’s disciplined, IP-led model and Valve’s storefront economics both outperformed the premium-acquisition approach in 2025–2026. Sony’s correction – and the writedown that forced it – suggests PlayStation is reading the same lesson and adjusting accordingly.
5 Predictions for Bungie and Sony Through 2027
Drawing on the trajectory of the past four years – including the June 2026 layoffs and Destiny 2 sunset – here are five evidence-based predictions for how the Sony Bungie story develops through 2027:
- No second writedown of comparable size. Having reset Bungie’s carrying value by roughly 21% across two FY2025 tranches, Sony has likely absorbed the bulk of the markdown; expect smaller adjustments rather than another three-quarter-billion-dollar hit.
- Marathon gets a defined support window, not an indefinite one. Sony will keep updating the game through its second season to recover value, but with concurrency already down more than 80% from launch, watch for a publicly framed roadmap with measurable targets and a quieter wind-down if they are missed.
- Bungie’s independence is essentially gone. Following the 2024 integrations and the June 2026 cuts, the studio operates as a small, single-project unit folded tightly into Sony Interactive Entertainment, with the “independent subsidiary” framing now a formality.
- Destiny stays dormant rather than revived. With the live service ended and the team dispersed, expect Destiny 2 to sit in maintenance mode; any return would be a future, lower-cost reboot rather than continued seasonal content.
- Sony’s first-party single-player slate gets reinforced. The clearest strategic consequence is more investment in the narrative tentpoles that sell PlayStation hardware, with live-service treated as a measured supplement.
Frequently Asked Questions
How much was Sony’s Bungie writedown in 2026?
Sony recorded an impairment loss of approximately 120.1 billion yen – about $765 million – tied to Bungie in its fiscal 2025 results announced on May 8, 2026. It came in two tranches: roughly 31.5 billion yen (~$204 million) in the July–September 2025 quarter for Destiny 2‘s underperformance, and about 88.6 billion yen (~$565 million) in the January–March 2026 quarter after Marathon launched. Some reports round the full-year total to $766 million, but the figures converge on a roughly three-quarter-billion-dollar loss.
Does the writedown mean Sony is shutting down Bungie?
No. An impairment is a non-cash accounting adjustment that lowers the asset’s recorded value; it does not close the studio. That said, on June 25, 2026 Sony cut a large share of Bungie’s staff – reporting put the scale at roughly 400 of about 800 remaining roles, with 292 listed in a Washington State WARN filing – and ended Destiny 2‘s live service, leaving Bungie a much smaller, single-project studio. Sony and PlayStation Studios chief Hermen Hulst have explicitly reaffirmed they are continuing to back Marathon. The charge and layoffs signal sharply reduced expectations, not a shutdown.
How much did Sony pay for Bungie?
Sony announced the acquisition on January 31, 2022, for $3.6 billion, closing the deal later that year. The 2026 impairment of roughly $765 million represents about 21% of the original $3.6 billion purchase price.
Why did Marathon underperform?
Marathon launched on March 5, 2026 at $40 into a crowded extraction-shooter market after years of delays and a public art-credit controversy. Despite solid reviews (around 82 on Metacritic), it had sold only about 1.2 million copies across all platforms as of April 2026 – the latest confirmed figure – against a reported budget exceeding $250 million, and its Steam concurrency collapsed from a launch peak of 88,337 (March average ~37,366) to a May peak near 17,131. That combination made the impairment effectively unavoidable.
How does this affect PlayStation gamers?
The picture is mixed. Marathon continues to receive support and is progressing through its second season as of late June 2026. Destiny 2, however, has wound down: its live service ended with the “Monument of Triumph” update on June 9, 2026, and no new seasons or expansions are planned, though servers remain online. Strategically, the writedown reinforces Sony’s renewed focus on first-party single-player exclusives, which likely means more of the prestige narrative games PlayStation is known for and a more selective approach to live-service titles.
Were there Bungie layoffs before the writedown?
Yes. Bungie cut about 8% of staff (~100 jobs) in October 2023 and about 17% (~220 jobs) in July 2024, with some teams and incubation projects integrated into Sony Interactive Entertainment. Those reductions preceded and foreshadowed the 2026 impairment. A far larger round followed on June 25, 2026 – after the writedown – reported at roughly 400 of about 800 remaining staff (292 listed in a Washington State WARN filing), primarily hitting the Destiny 2 team as that game’s live service ended.
Is the Sony Bungie deal considered a failure?
It is widely viewed as underperforming relative to its $3.6 billion price, given the writedown, the repeated layoffs (including the roughly 400-role round in June 2026), the wind-down of Destiny 2, and Marathon‘s weak commercial launch. Whether it becomes a full failure depends on whether Sony can rebuild value from the lowered base – Bungie still owns Destiny and Marathon and retains significant online-engineering expertise, but it does so as a far smaller studio.
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External references: Bungie company overview, Marathon (2026), Destiny 2, Game Informer on the 2023 Bungie layoffs, and GamesIndustry.biz.
