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As WP's senior editor, I edit review and preview articles, attempt to keep up with the frantic pace of Rainier's news posts, and keep our reviewers on deadline, which is akin to herding cats. When I have a moment to myself and don't have my nose in a book, I like to play action/RPG, adventure and platforming games...

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Midway Acquires Inevitable Entertainment

by Judy on Oct. 11, 2004 @ 7:24 a.m. PDT

Midway announced today that it has acquired Austin, Texas-based Inevitable Entertainment Inc., the development studio working on Midway's upcoming new videogame, AREA 51. Midway acquired privately-held Inevitable in an all-stock transaction for Midway common shares. The acquisition accelerates Midway's previously announced plans to open an Austin studio and increases the Company's internal development resources.

Midway president and chief executive officer David F. Zucker commented, “In acquiring Inevitable Entertainment, we have added an extremely creative development group to our product development organization and furthered our ability to deliver high-quality, compelling content. Our increased internal product development capabilities offer an important balance and blend with our external development partners, and enable us to continue to publish critically and commercially successful software for current and future systems.”

In addition to shares issued for the acquisition of Inevitable Entertainment, a total of 152,824 restricted shares of Midway common stock were issued to key Inevitable employees as retention incentives. The restrictions on the stock will lapse in stages over a period of three years, provided the employee remains employed by the Company. The Inevitable employees who received restricted shares were: Daryl Allison, Steve Broumley, Russell Byrd, Pete Franco, Craig Galley, Matt Green, Cyrus Lum, Aaron Smischney, Jim Stiefelmaier, Michael Traub, and Andy Thyssen.

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