The deal will provide ZeniMax with funding for future growth, increased game development and publishing including MMOGs, and will also facilitate future acquisitions. As part of the deal, Michael Dominguez, a managing director at Providence Equity, will join the ZeniMax board of directors, which includes Zenimax founder and CEO Robert Altman, CBS President and CEO Leslie Moonves, MGM Chairman and CEO Harry Sloan, Trump Management President Robert Trump, Jerry Bruckheimer and Cal Ripken Jr.
"We believe that Providence will be an ideal partner for us as we build our businesses worldwide in the years ahead," said Altman. "Providence shares our strategic vision for the company and is excited by the opportunity to help us move into a position of leadership in this industry."
"We are pleased to partner with one of the best managed companies in the videogame industry," added Providence's Dominguez. "ZeniMax Media has an outstanding series of proven interactive entertainment content and a burgeoning position in the rapidly growing global videogame market. We look forward to working with Robert to build value at ZeniMax over the long-term."
Bethesda's both recent title, The Elder Scrolls IV: Oblivion, was released in 2006 to nearly unanimous acclaim and went on to win numerous industry awards; currently, the company is working on the highly anticipated Fallout 3, expected to ship sometime in 2008.