Video game publisher Zenimax raises $150 million from Providence Equity
Representing a huge investment for the video game industry, Maryland-based Zenimax Media has raised $150 million from Providence Equity.
The 11-year-old, privately held game company owns Bethesda Softworks, a mid-size publisher best known for the Fallout post-apocalyptic role-playing games. The company has recently been on an acquisition spree, buying the well-known creators of Doom, Id Software, and production company Arkane Studios.
Zenimax said in a statement that it would use the new cash infusion to expand production and publishing capabilities as well as for further acquisitions.
Providence, a well-known private equity fund with stakes in several high-profile media companies including Hulu and Metro-Goldwyn-Mayer, previously invested $300 million in Zenimax in 2007.
Zenimax President Ernie Dell is a powerful entertainment attorney. Several of his close associates from Hollywood sit on the company's board of directors, including CBS Chief Executive Leslie Moonves, MGM Chairman Harry Sloan and producer Jerry Bruckheimer.