According to the New York Times and Destructoid, Electronic Arts has tried multiple times to buy Valve was supposedly ready to part with $1 billion to close the deal.
Valve head Gabe Newell responded by saying, “it wouldn’t happen” going as far as to say that he’d rather Valve die and grant its employees freedom than sell up to another major publisher. Newell says his idea is a lot better than getting a bunch of money and then waiting for EA to terminate their contracts in two or three years.
I don’t think it’s an overstatement to say that if this happened it would be a huge blow to the industry. EA has a long history of wanting to buy hot studios but gaming needs more studios to stand on their own instead of merging into one big conglomerate. I guess you can’t blame them for trying to get Steam on their payroll.