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Time Warner Buys 10 Million New Eidos Shares
by David Jenkins
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December 15, 2008
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The likelihood of Time Warner acquiring British publisher Eidos Interactive appears to have increased, as the American media giant buys up another 10 million shares in the beleaguered company.
The last round of reports surrounding Eidos suggested that Japanese publisher Square Enix was interested in acquiring the Tomb Raider and Hitman publisher, and Eidos was also believed to be fielding offers from EA and Ubisoft.
But Time Warner has always appeared the most likely winner of the apparent bidding war, as it already owns a minority stake in Eidos. In 2006, Warner Bros. also signed a comprehensive distribution and licensing deal with the publisher, granting Eidos access to many of Time Warner’s biggest intellectual properties and allowing for upcoming titles such as Batman: Arkham Asylum.
The new acquisition sees Time Warner shares in Eidos pass the 19 percent milestone, for a total of 52.52 million. Eidos only recently amended a "standstill" agreement with Time Warner, which had prevented the company from acquiring additional stock. However, the amended agreement prohibits Time Warner from acquiring more than a 30 percent total share.
Although the move is highly suggestive of Time Warner’s intention to acquire at least a controlling share in Eidos, neither company, nor any of its other suitors, has been willing to comment on the specifics of any plans.
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