I love it when ERTS makes mistakes!
"EA Buys Westwood (4:55 PM)
SAN MATEO, Calif.--(BUSINESS WIRE)--Aug. 17, 1998--Electronic Arts(tm)
(NASDAQ:ERTS - news), the world's largest interactive entertainment software
company, today announced it has signed a definitive agreement to purchase all
outstanding stock of Westwood Studios, Inc., and certain other studio assets of
Virgin Interactive Entertainment, Inc., a division of Spelling Entertainment
Group, Inc. (NYSE:SP - news). The cash transaction is valued at $122.5 million.
Subject to customary conditions, the acquisition of Westwood is expected to close
at the end of September. Founded in 1985 by Brett Sperry and Louis Castle, the
Las Vegas-based company is known for the best-selling franchise Command &
Conquer(R), which has been one of the most successful PC games ever, and the
critically acclaimed Lands of Lore(tm) and Dune(tm) series.
Electronic Arts' Chairman and CEO Larry Probst said, ''We are pleased to
announce this partnership, which combines one of the industry's top game
development studios with EA's unmatched worldwide sales, marketing and distribution
capabilities. We believe the addition of the Westwood product line and development
teams will help us achieve our goal to be the No. 1 publisher of entertainment
software for the PC.''
EA's President of Worldwide Studios Don Mattrick said, ''Westwood is one of the
most respected studios in the world, with an impressive portfolio of best-selling
franchises and brilliant creative talent. Their strong PC product line, populated with
chart-topping hits such as Command & Conquer and Lands of Lore, will allow us to
provide an even broader array of high-quality products to our customers. We are
excited that Brett and Louis have chosen Electronic Arts to be the new home for
Westwood Studios.''
Brett Sperry, Westwood's president and CEO, said, ''We are delighted to be
partnering with Electronic Arts, the most prominent and successful publisher in our
industry. We were courted by many companies, but in the end we knew that EA
would provide us with the best infrastructure and support that we need to continue
building great games.''
Both Westwood founders, Sperry and Castle, have signed five-year employment
contracts."
$122 Million sounds steep to me...
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