Electronic Arts Inc. has failed to secure enough bondholder support for a planned bond buyback at a steep discount before a critical deadline passed this week, according to sources familiar with the matter. The video game publisher sought approval to repurchase bonds below face value while modifying certain lending terms.

The setback comes as EA faces pressure to optimize its capital structure amid industry consolidation and shifting gaming trends. Bondholders' reluctance to accept the discounted buyback offer suggests concerns about the company's financial flexibility or valuation assumptions. The failed vote could force EA to reconsider its approach to debt management and shareholder returns.

Without bondholder approval, EA must now explore alternative strategies to address its debt profile. The company may need to negotiate revised terms with creditors or pursue other balance sheet initiatives. This development highlights the challenges facing gaming companies as they navigate capital markets while investing in new technologies and content pipelines.