ZeniMax Media Receives $300 Million Investment from Providence Equity Partners
Rockville, MD, October 25, 2007 – ZeniMax Media Inc. today announced the closing of a $300 million investment by Providence Equity Partners Inc. for convertible preferred stock of the Company. The proceeds of the investment will be used to fund future growth, increase game development and publishing, facilitate acquisitions, and finance massively multiplayer online games (MMOGs).
ZeniMax Media was founded in 1999 by Robert A. Altman, its Chairman and CEO, and through wholly owned subsidiaries creates and publishes original interactive entertainment content for gaming consoles (including the Xbox 360™ video game and entertainment system from Microsoft, the PLAYSTATION®3 computer entertainment system, and the Nintendo DS and Wii), the PC, handheld/wireless devices, and online gaming. Last year its wholly owned subsidiary, Bethesda Softworks, released The Elder Scrolls IV: Oblivion® which was voted Best Game of 2006. Bethesda’s upcoming title, Fallout® 3, has already been featured on the cover of more than 20 magazines worldwide and has won accolades as one of most anticipated games for 2008.
It makes sense to expand internationally the publishing side of the company with a high Euro allowing for better margins, and in a moment of consolidation on the gaming scene it gives them some extra breathing air.
But this is mostly about MMORPG’s. That’s my bet.