Light & Wonder Sells SciPlay for $1B

TL;DR

LNW sold SciPlay for $1B to focus on gaming. Debt reduction incoming.

AI Summary

Light & Wonder, Inc. announced on June 11, 2024, that it has completed the sale of its SciPlay business to an affiliate of Brooklawn Holdings, LLC for approximately $1.0 billion. This transaction is part of Light & Wonder's strategy to focus on its gaming and iGaming businesses. The company expects to use the proceeds to further reduce its debt.

Why It Matters

This divestiture allows Light & Wonder to streamline its operations and concentrate on its core gaming and iGaming segments, potentially leading to improved financial performance and strategic focus.

Risk Assessment

Risk Level: low — The filing is a routine disclosure of a completed business transaction with clear financial terms.

Key Numbers

• $1.0B — SciPlay Sale Price (Proceeds from the sale of the SciPlay business.)

Key Players & Entities

• Light & Wonder, Inc. (company) — Registrant
• SciPlay (company) — Divested Business
• Brooklawn Holdings, LLC (company) — Acquiring Entity Affiliate
• $1.0 billion (dollar_amount) — Sale Price of SciPlay
• June 11, 2024 (date) — Date of Report

FAQ

Key Financial Figures

• $1.0 billion — 12, 2027, up to an aggregate amount of $1.0 billion of its outstanding common stock. As of
• $750 million — 13, 2024, the Company has exhausted the $750 million share repurchase authorization under th

Filing Documents

• form8-k.htm (8-K) — 29KB
• ex99-1.htm (EX-99.1) — 12KB
• image00001.jpg (GRAPHIC) — 5KB
• 0000950157-24-000897.txt ( ) — 184KB
• lnw-20240611.xsd (EX-101.SCH) — 4KB
• lnw-20240611_lab.xml (EX-101.LAB) — 21KB
• lnw-20240611_pre.xml (EX-101.PRE) — 16KB
• form8-k_htm.xml (XML) — 4KB

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. Share Repurchase Program On June 11, 2024, the Board of Directors of Light & Wonder, Inc. (the "Company" or "Light & Wonder") approved a new share repurchase program under which the Company is authorized to repurchase, from time to time through June 12, 2027, up to an aggregate amount of $1.0 billion of its outstanding common stock. As of June 13, 2024, the Company has exhausted the $750 million share repurchase authorization under the Company's prior share repurchase program. Repurchases under the new share repurchase program may be effected at the discretion of the Transaction Committee of the Board of Directors through one or more open market repurchases, privately negotiated transactions, including block trades, accelerated share repurchases, issuer tender offers or other derivative contracts or instruments, "10b5-1" plan, or other financial or other arrangements, or a combination of the foregoing. The share repurchase program may be suspended or discontinued at any time. A copy of the press release relating to the share repurchase program announcement is attached as Exhibit 99.1 hereto and is incorporated by reference herein. The information contained in this Item 7.01 as well as in Exhibit 99.1 is furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and such information shall not be deemed to be incorporated by reference into any of the Company's filings under the Securities Act of 1933, as amended, or the Exchange Act.

Forward-Looking Statements

Forward-Looking Statements In this current report, Light & Wonder makes "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and can often be identified by the use of terminology such as "will," "may," "estimate," "intend," "plan," "continue," "believe," "expect," "anticipate," "target," "should," "could," "potential," "opportunity," "goal," or similar terminology. These statements are based upon current Company management expectations, assumptions and estimates and are not guarantees of timing, future results, or performance. Therefore, you should not rely on any of these forward-looking statements as predictions of future events. Actual results may differ materially from those contemplated in these statements due to a variety of risks, uncertainties and other factors, including those factors described in our filings with the Securities and Exchange Commission (the "SEC"). Additional information regarding risks and uncertainties and factors that could cause results to differ materially from those contemplated in forward-looking statements is included from time to time in our filings with the SEC, including the Company's current reports on Form 8-K, quarterly reports on Form 10-Q and its latest annual report on Form 10-K filed with the SEC for the year ended December 31, 2023 on February 27, 2024 (including under the headings "Forward-Looking Statements" and "Risk Factors"). Forward-looking statements speak only as of the date they are made and, except for our ongoing obligations under the U.S. federal securities laws, we undertake no and expressly disclaim any obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release of the Company, dated June 13, 2024. 104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. LIGHT & WONDER, INC. Date: June 13, 2024 By: /s/ James Sottile Name: James Sottile Title: Executive Vice President, Chief Legal Officer and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR