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Bethesda Parent Company Reels in $300M Investment

by Rainier on Oct. 25, 2007 @ 10:00 a.m. PDT

Bethesda's parent company ZeniMax Media Inc. announced the closing of a $300 million investment by Providence Equity Partners Inc, in order to fund future growth, increase game development and publishing, facilitate acquisitions, and finance 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, PS3, NDS 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.”

Mr. Dominguez will join the Company’s Board of Directors, which is currently led by Mr. Altman and includes ZeniMax Media President Ernest Del, Leslie Moonves (President and CEO of CBS), Harry E. Sloan (Chairman and CEO of Metro-Goldwyn-Mayer Inc.), Robert S. Trump (President of Trump Management), noted film and television producer Jerry Bruckheimer, and Hall of Famer Cal Ripken, Jr.

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