Games Workshop (LON: GAW) shares surged early Friday on the back of news it has reached an agreement in principle with Amazon's (NASDAQ: AMZN) Content Services subsidiary.
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The agreement is for Amazon to develop Games Workshop's intellectual property into film and television productions and for Games Workshop to provide Amazon with associated merchandising rights.
GAW shares surged more than 16% n the news, taking its stock price to 8,485p per share, a level not seen since February this year.
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Games Workshop said ahead of contracts being entered into, Amazon will start certain development activities, such as having preliminary discussions with writers, to streamline the project, with the initial intentions for rights being granted to develop the Warhammer 40,000 universe.
The company warned, however, that while a deal has been agreed on material commercial terms, the project is “wholly dependent on and subject to contracts being agreed and entered into, which the parties are working towards.”
GAW made no change to its forecast for the period ending May 2023.
Last week, the company reported that trading since its last update in September is in line with expectations. The company is set to release its half-yearly report on January 10, 2023, and expects pre-tax profit to come in at no less than £83 million, down from £88.2 million in 2021.
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