My thought is that it would be somewhat difficult to finance certain types of creative acquisitions given unevenness of the cash flows (especially areas like video games where there is a sizable upfront investment with unpredictable revenues based on whether it becomes a "hit" with consumers). If a lot of the forecasted return is going to be from leverage not sure how attractive this would be from an investment perspective.

You could mitigate the uneven hit-based revenues by going for the underlying tools & services supporting games. Video Game Middleware's model tends to be licensing for the entire span of a game's life, so the recurring revenues there play nice with the search fund model.