Close

Midway acquires Inevitable Entertainment

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Midway acquires Inevitable Entertainment

Midway Games announced today that it has acquired Austin, Texas-based Inevitable Entertainment, the development studio working on Midway’s upcoming new videogame, Area 51. Midway acquired privately-held Inevitable in an all-stock transaction for 218,421 Midway common shares, valued at about $2.1 million.

In addition to shares issued for the acquisition of Inevitable Entertainment, a total of 152,824 restricted shares of Midway common stock valued at about $1.5 million were issued to key Inevitable employees as retention incentives.

Inevitable Entertainment is known as developer of games such as Tribes Aerial Assault which was the first online multiplayer first-person shooter for the PlayStation 2. The studio is currently developing Midway’s Areas 51, which is scheduled for release in the first half of 2005 and features voice-acting by David Duchovny, Powers Boothe and Marilyn Manson. Area 51 is also expected to be the subject of an upcoming motion picture from Paramount, Midway said.