By Quinton Miles
Midway Games announced today that they have acquired Inevitable Entertainment, the development company currently working on their new [I]Area 51[/I] game. By aquiring the previously private-held company in an all stock transaction for 218,421 common shares, Midway will officially change the name of the studio to Midway Studios-Austin.
“In acquiring Inevitable Entertainment, we have added an extremely creative development group to our product development organization and furthered our ability to deliver high-quality, compelling content,” said Midway president and CEO David Zucker. “Our increased internal product development capabilities offer an important balance and blend with our external development partners, and enable us to continue to publish critically and commercially successful software for current and future systems.”
Along with the shares issued for acquiring Inevitable, restricted shares of Midway’s common stock were issued to key Inevitable employees that will happen over the lapse of three years, provided they stay with the company.