Los Angeles-based mobile game publisher Scopely made one of its biggest deals yet, acquiring GSN Games from Sony Pictures Entertainment for $1 billion in cash and preferred stock.

In turn, SPE will take a minority stake in Scopely, which acquires GSN’s portfolio of free-to-play casual games, including long-time hits Solitaire TriPeaks and Bingo Bash.

“We hope to take what is already a strong business and accelerate it through our publishing and technology infrastructure, unlocking even more value,” said Scopely Chief Revenue Officer Tim O’Brien. “The GSN Games business has proven itself as both incredibly durable and consistently profitable, due to the dynamic experiences the team continues to build for players around the world. We look forward to a great future together.”

“In meeting the Scopely team, we knew we found the right organization to support and accelerate the business,” said SPE Chairman of Global TV Studios and Corporate Development Ravi Ahuja. “We are confident they will take GSN Games to new heights and SPE is pleased to be a minority shareholder in Scopely as a result of this transaction.”

SPE becomes the latest Hollywood movie studio to sell off game publishing divisions in what seems to be a decennial cycle of starting, then selling off such operations.

Just last year, Scopely bought Marvel Strike Force from Disney
DIS
, and has built the brand significantly since. Last year, Scopely also raised $340 million in a Series E financing, money it targeted for technology investments and further M&A.

More recently, another Los Angeles-area publisher, Jam City, announced it had bought Jurassic World Alive publisher Ludia for $165 million and planned additional acquisitions.

GSN Games was part of SPE’s Game Show Network, and started in 2007. Both Bingo Bash and Solitaire TriPeaks have had huge followings since their launches 10 and seven years ago respectively. More than 100 million hands of TriPeaks are still played weekly, the company said.

More broadly, the larger industry continues to consolidate behind fewer, larger operations such as Scopely’s that have built sophisticated tech backends that can cross-promote, market to and retain players, and maximize both in-app purchases and targeted advertising. Mergers & acquisitions in the game space have been proceeding at a record pace the past 18 months, according to statistics compiled by consultancy Digital Development Management.

The deal also continues Sony Pictures Entertainment’s disengagement from some non-core businesses, including the sale in two rounds of its Crackle streaming-video service, and shutdown of the virtual MVPD PlayStation Vue Network as it has pivoted to a “Switzerland” strategy of producing and licensing content for other media companies and streaming services.