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.