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(TM) 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.
"We believe that Providence will be an ideal partner for us as we build our businesses worldwide in the years ahead. Providence shares our strategic vision for the Company and is excited by the opportunity to help us move into a position of leadership in this industry," said Mr. Altman.
"We are pleased to partner with one of the best managed companies in the videogame industry," said Michael Dominguez, a Managing Director of Providence. "ZeniMax Media has an outstanding series of proven interactive entertainment content and a burgeoning position in the rapidly growing global video game market. We look forward to working with Robert to build value at ZeniMax Media over the long-term."
