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 GamerBytes (for the latest console digital download news.)
 Worlds In Motion (discussing the business of online worlds.)
 Game Set Watch (the Group's alt.game weblog.) |
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SCi Gets Investment From Warner Bros.
by Brandon Boyer
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April 25, 2008
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Publisher and Eidos parent company SCi has announced that, following its rejected acquisition offer, it is offering 171 million shares with hopes of raising £60 million ($118.5 million), and strengthened its relationship with Warner Bros. hoping to increase its North American growth.
The move follows earlier speculation that a Warner Bros. deal would be shortly forthcoming. That speculation also included rumors that SCi was in talks with an unnamed company for an all-out acquisition, which the publisher verified thereafter. However, SCi later rejected the offer, citing concerns over short and medium term funding should the takeover procedure be prolonged.
In a new release, though, SCi says the deal with Warner Bros., including the sale of some £15 million ($29.8m) worth of shares, will give the publisher "substantial cash balances in addition to its new committed £25 million ($49.7m) debt facility," and will include a 'strategic distribution agreement' helping the company drive growth in the U.S., Canada and Mexico.
SCi CEO Phil Rogers said of the deal that the financing "puts us in a clear position to deliver on the strategic business plan which we announced in February with focus on cornerstone studios and core franchises, delivering high-quality, world class games."
Added Warner Bros. Home Entertainment president Kevin Tsujihara, "This investment underscores Warner Bros' commitment to becoming a major presence in the video game business, With SCi's new management team in place along with their track record of rich franchises like Tomb Raider, Hitman and Deus Ex we believe we have formed an exciting partnership and a powerful engine for growth."
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