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BioWare Joins up with Pandemic and Elevation

Discussion in 'Game/SP News & Comments' started by chevalier, Nov 3, 2005.

  1. chevalier

    chevalier Knight of Everfull Chalice ★ SPS Account Holder Veteran

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    BioWare, Pandemic Studios and Elevation have teamed up to form a holding company called BioWare/Pandemic Studios. John Riccitiello from Elevation, an ex CEO of Electronic Arts, is going to become the CEO, while BioWare joint CEOs and Pandemic joint CEOs senior executives in the new company. The combined investment is worth $300 million, which is more than the previous unseccessful acquisition of Eidos by Elevation. Here's a snip:

    Carefully referred to as a "creative and management partnership," the new operation is a holding company called BioWare/Pandemic Studios. BioWare's two cofounders, Greg Zeschuk and Ray Muzyka, and Pandemic's two cofounders, Andrew Goldman and Josh Resnick, will become shareholders and senior executives. As one might expect, Riccitiello becomes the company's CEO. The 400 employees of both studios will also receive stakes in BioWare/Pandemic, and the studios in Los Angeles, Edmonton, Canada, and Brisbane, Australia, will continue to operate largely as before.

    According to Elevation, the BioWare/Pandemic deal is even bigger than the Eidos acquisition, being a "combined investment" of more $300 million, including future funding. It also could have major repercussions within the game industry. Its express design is to sidestep the traditional publisher-developer relationship, where the latter is dependent on the former for funding, via the injection of outside capital.

    Read the whole thing at GameSpot.

    Apart from GameSpot's article, there's also a more formal and businessy press release at Yahoo Business, where you can check some stats. Here's an excerpt:

    "BioWare and Pandemic are truly among the greats of worldwide game developers. We at Elevation are proud to have been chosen by them to be their partners and to work with them in growing their businesses," said John Riccitiello, a managing director at Elevation Partners and CEO for the new holding company, BioWare/Pandemic Studios.

    The companies each have two co-founders, and under the deal, all four will become shareholders and senior executives in BioWare/Pandemic Studios. The deal also gives employees of both companies an ownership stake in the new business.

    The new group already has a website where you can read more on the partnership.

    [ November 03, 2005, 22:55: Message edited by: chevalier ]
     
    chevalier, Nov 3, 2005
    #1
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