Mishcon de Reya LLP has advised Everplay Group plc, a leading UK-listed video games group, on its strategic minority investment in Super Media Group Ltd (SMG) and its commercial partnership with UK-based first-person shooter (FPS) studio Bulkhead.
Bulkhead is an independent UK game studio founded in 2014 and best known for its FPS title Battalion 1944. The studio has built deep technical expertise in the FPS genre. Bulkhead was previously owned by Tencent, one of the world’s largest technology and entertainment companies, following its acquisition of UK developer Splash Damage in 2022. In 2025, Bulkhead was acquired from Tencent as part of a management-led transaction.
To support this transaction, Super Media Group (SMG) was newly established as a holding company for the Bulkhead studio. Everplay acquired a 20% minority stake in SMG, aligning the Group strategically with Bulkhead and the wider FPS market. Alongside the corporate investment, Everplay agreed to partner with Bulkhead on the publishing of Bulkhead's forthcoming warfare FPS, Wardogs, and to explore co-development opportunities for future titles within Team17’s best-selling Hell Let Loose franchise.
Mishcon de Reya advised Everplay Group plc on its investment into SMG and the related strategic arrangements, drawing on the firm’s deep experience across its Interactive Entertainment and Corporate teams. The team was led by Stuart McMaster and Nick Allan, supported by Christia Malaktou, Arthur Horsfall, Stephen Elhabbal and Lorenzo Coppola.
Andrew Macdonald, Group General Counsel of Everplay Group plc, commented: “We are grateful to the Mishcon team for helping to deliver this deal, led by Stuart McMaster and Nick Allan. They were responsive, commercial and great to work with throughout.”
Nick Allan, Partner and Head of Video Games at Mishcon de Reya, said: “We are delighted to have represented Everplay and Team17 on this deal, who are one of the most significant and forward-thinking independent video games businesses in the UK. The deal was a wonderful opportunity to showcase our Interactive Entertainment offering, combining corporate transactional capability with market-leading expertise on video game publishing and more. The leadership team at Everplay are also a fantastic group of people and it was a real privilege to work with them.”
Mishcon de Reya is pleased to support Everplay’s strengthening of its position within one of the largest and most dynamic segments of the global games market.