Joystiq http://www.joystiq.com Joystiq http://www.blogsmithmedia.com/http://www.joystiq.com/media/feedlogo.gif Joystiq http://www.joystiq.com en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Activision's Kotick is now among the highest-paid CEOs in the US [Update]]]>http://www.joystiq.com/2013/04/27/activisions-kotick-is-now-among-the-highest-paid-ceos-in-the-us/http://www.joystiq.com/2013/04/27/activisions-kotick-is-now-among-the-highest-paid-ceos-in-the-us/http://www.joystiq.com/2013/04/27/activisions-kotick-is-now-among-the-highest-paid-ceos-in-the-us/#comments Activision CEO Bobby Kotick is now among the highest-paid CEOs in the United States, Bloomberg reported. According to a document filed to the SEC, Activision increased Kotick's compensation to $64.9 million in 2012. The majority of Kotick's earnings came from stock awards valued at $55.9 million. By comparison, Kotick earned $8.3 million in 2011, and Blizzard Entertainment President and CEO Michael Morhaime earned just over $9 million in 2012.

As Bloomberg noted, Kotick's $64.9 million earnings stretch out over five years, plus he could still garner $16 million more should he meet the "highest performance targets." Kotick saw his base salary increase to $2.1 million in January this year.

Update: To clarify, since the awards vest over a five-year period, Kotick received $8.33 million in compensation for 2012, not all $64.9 million.

JoystiqActivision's Kotick is now among the highest-paid CEOs in the US [Update] originally appeared on Joystiq on Sat, 27 Apr 2013 18:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Activisionbobby-kotickceosalarySECSat, 27 Apr 2013 18:00:00 EST<![CDATA[THQ confirms another UFC game in development before selling license]]>http://www.joystiq.com/2012/06/11/thq-confirms-another-ufc-game-in-development-before-selling-lice/http://www.joystiq.com/2012/06/11/thq-confirms-another-ufc-game-in-development-before-selling-lice/http://www.joystiq.com/2012/06/11/thq-confirms-another-ufc-game-in-development-before-selling-lice/#comments THQ confirmed the development and cancellation of another game in the UFC series in an SEC filing this morning. While not putting exact numbers to the news, the filing noted a year-over-year decrease in sales across the series since 2009. UFC Undisputed 3 failed to sell 2 million units, which was its "break even" point according to a recent report.

Searches on LinkedIn found a number of former THQ San Diego employees that list "UFC 4" in their profiles, albeit unconfirmed. THQ entered into an agreement to sell the UFC license to EA Sports on June 1 for an undisclosed amount, first announced during EA's press conference at E3 last week.

Updates on the closure of THQ's San Diego studio are included in the filing, saying it "could result in additional cash charges of up to $1.1 million related to severance, up to $1.3 million in cash charges related to leased facilities and non-cash charges of up to $0.5 million related to long-lived assets."

JoystiqTHQ confirms another UFC game in development before selling license originally appeared on Joystiq on Mon, 11 Jun 2012 14:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>SECTHQTHQ-san-diegoufc-4ufc-undisputed-2010ufc-undisputed-3Mon, 11 Jun 2012 14:30:00 EST<![CDATA[THQ lists how things could go wrong]]>http://www.joystiq.com/2012/06/11/thq-lists-how-things-could-go-wrong/http://www.joystiq.com/2012/06/11/thq-lists-how-things-could-go-wrong/http://www.joystiq.com/2012/06/11/thq-lists-how-things-could-go-wrong/#comments Every year, THQ files form 10-K (an annual company report) with the Securities and Exchange Commission, and includes a detailed list of "risk factors," or potential problems that could be of detriment to the company. This year's list features a few new items that reflect the vulnerable state of the company.

"We have incurred operating losses during the last five fiscal years," reads the very first item on the list. "We have restructured our business operations in order to adjust our cost structure to better align with our expected future business; however, we may continue to incur losses in the future."

Continue reading THQ lists how things could go wrong

JoystiqTHQ lists how things could go wrong originally appeared on Joystiq on Mon, 11 Jun 2012 13:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>secthqMon, 11 Jun 2012 13:00:00 EST<![CDATA[EA planning upcoming layoffs, 'completed by September 30, 2012']]>http://www.joystiq.com/2012/05/07/ea-planning-upcoming-layoffs-completed-by-september-30-2012/http://www.joystiq.com/2012/05/07/ea-planning-upcoming-layoffs-completed-by-september-30-2012/http://www.joystiq.com/2012/05/07/ea-planning-upcoming-layoffs-completed-by-september-30-2012/#comments EA today confirmed plans to enact a "restructuring" among its employees, resulting in an unnamed number of layoffs companywide. The restructuring is part of EA CEO John Riccitiello's move toward digital - an initiative that aims to alter the composition of EA's staff from one in eight engineers to one in two.

The California-based publisher will incur a variety of expenses related to its upcoming plans, to the tune of "approximately $40 million in total costs." Ouch! Making things more painful is the fact that $23 million of that total is planned for "severance and other employee-related costs" - a number that'll be (conveniently) reflected in next year's financials.

As recently as a few weeks ago, EA outright denied reports of upcoming layoffs. Those reports put the number at 5 to 10 percent of EA's workforce, or approximately 500 to 1,000 employees. EA corporate rep Jeff Brown told Joystiq that the restructuring "impacts a relatively small number of EA's 9,000 employees." He added, "Most importantly, EA is hiring and we expect to finish the year with more employees, not fewer."

Update: During EA's financial call this afternoon, the company got more specific on restructuring numbers. Regardless of layoffs, EA expects to grow its current headcount of approximately 9,200 employees to 9,700 by the end of fiscal 2013 (ending March 31, 2013).

JoystiqEA planning upcoming layoffs, 'completed by September 30, 2012' originally appeared on Joystiq on Mon, 07 May 2012 16:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>eaelectronic-artsjeff-brownlayoffssecsecurities-and-exchange-commissionMon, 07 May 2012 16:45:00 EST<![CDATA[THQ CEO Farrell takes 50% pay cut, board of directors also takes cuts]]>http://www.joystiq.com/2012/02/01/thq-ceo-farrell-takes-50-pay-cut-board-of-directors-also-takes/http://www.joystiq.com/2012/02/01/thq-ceo-farrell-takes-50-pay-cut-board-of-directors-also-takes/http://www.joystiq.com/2012/02/01/thq-ceo-farrell-takes-50-pay-cut-board-of-directors-also-takes/#comments THQ is definitely experiencing some troubles related to its uDraw flop and subsequent layoffs, as evidenced by a new document filed with the Securities and Exchange Commission.
President and CEO Brian Farrell will take a pay cut for the year starting February 15, which reduces his salary from $718,500 to $359,250. His salary will go back up the next year.

His golden parachute has also been tailored a bit more closely, as the payment he'd receive upon departure from the company (either termination "without cause" or resignation with "good reason") has been cut from three times his highest-ever bonus to just his highest-ever bonus. This is, of course, a small sacrifice compared to the THQ employees whose salaries went from "some" to "none."

The board of directors is also seeing some cuts: all the other directors have "elected" to receive 50% less cash compensation for a year effective today.

JoystiqTHQ CEO Farrell takes 50% pay cut, board of directors also takes cuts originally appeared on Joystiq on Wed, 01 Feb 2012 17:48:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>brian-farrellsalarysecthqWed, 01 Feb 2012 17:48:00 EST<![CDATA[THQ confirms layoffs of 240 employees [updated]]]>http://www.joystiq.com/2012/02/01/thq-confirms-layoffs-of-240-employees-across-nine-months/http://www.joystiq.com/2012/02/01/thq-confirms-layoffs-of-240-employees-across-nine-months/http://www.joystiq.com/2012/02/01/thq-confirms-layoffs-of-240-employees-across-nine-months/#comments THQ has confirmed planned layoffs of "up to 240 selling, general and administrative personnel worldwide," with plans to finalize the proceedings by September 30, 2012. The company promises that the "majority" of said layoffs will occur before March 31, 2012 and many of the employees affected have already been notified.

The 240 number is a marked increase from numbers we heard earlier today, making the situation at THQ look all the more dire. Today's announcement reflects specific numbers for layoffs that THQ first confirmed last week.

Though the company makes note of the recently announced restructuring away from kids and licensed titles, nothing is mentioned of the rumored cancelation of the Warhammer 40K MMO. We expect to hear even more when THQ announces its fiscal third quarter results tomorrow afternoon.

Update: THQ tells Joystiq that, "These are the cuts we described in our statement last week. No studios are a part of this. It's administration and publishing offices worldwide." The company declined to comment on whether these layoffs will affect any currently announced projects.

Update 2: This post originally stated that THQ would be laying off the 240 employees across nine months, which is inaccurate. Due to varying employment guidelines around the world and internal financial considerations, the restructuring will be completed by September 30, 2012, but most of the affected employees have already been notified.

JoystiqTHQ confirms layoffs of 240 employees [updated] originally appeared on Joystiq on Wed, 01 Feb 2012 17:47:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>layoffssecsecurities-and-exchange-commissionthqWed, 01 Feb 2012 17:47:00 EST<![CDATA[Zynga's profit drops 95 percent in year-over-year Q2]]>http://www.joystiq.com/2011/09/24/zyngas-profit-drops-95-percent-in-year-over-year-q2/http://www.joystiq.com/2011/09/24/zyngas-profit-drops-95-percent-in-year-over-year-q2/http://www.joystiq.com/2011/09/24/zyngas-profit-drops-95-percent-in-year-over-year-q2/#comments Zynga's profit fell from $27.2 million in Q2 2010 to $1.3 million in Q2 2011, a 95 percent decrease, an IPO filing with the SEC revealed Wednesday. Zynga's profit measures how much money the company is truly retaining, while revenue measures how much it is making, before expenses. To that end, Zynga's revenue grew over 100 percent year-on-year, to $279.1 million; however, this growth is slowing, rising 15 percent from its March quarter, while March rose 24 percent from the previous quarter.

Zynga's "bookings" measure revenue directly from ad sales and microtransactions before any adjustments, such as the 30 percent Facebook claims, and these were down for the first time in company history, dropping 4 percent to hit the super-low, rock-bottom, Ramen-every-night number of $274.7 million.

So far it looks like someone took some extra vacations on their new yachts this quarter. Or not. Zynga attributes its profit loss to two things: It didn't release any new games until Empires and Allies in March 2011, and it focused more on internal growth, hiring and acquisitions this quarter.

All of this stagnating growth and dipping profit-margins means only one thing -- Zynga's valuation was increased in this same analysis, rising from $13.98 billion to $14.05 billion. Because that's how money works.

JoystiqZynga's profit drops 95 percent in year-over-year Q2 originally appeared on Joystiq on Sat, 24 Sep 2011 01:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>facebookipomacpcSECZyngaSat, 24 Sep 2011 01:00:00 EST<![CDATA[Fallout Online's future in doubt as Interplay crumbles]]>http://www.joystiq.com/2011/05/31/fallout-onlines-future-in-doubt-as-interplay-crumbles/http://www.joystiq.com/2011/05/31/fallout-onlines-future-in-doubt-as-interplay-crumbles/http://www.joystiq.com/2011/05/31/fallout-onlines-future-in-doubt-as-interplay-crumbles/#comments Fallout Online and several other Interplay-developed titles may be in serious jeopardy, according to a US Securities and Exchange Commission report filed by Interplay last week. Develop discovered the filing, which spells out dire financial concerns for the immediate future of the company. Multiple times, the report states:

"If we do not receive sufficient financing or income we may (i) liquidate assets, (ii) sell the company (iii) seek protection from our creditors including the filing of voluntary bankruptcy or being the subject of involuntary bankruptcy, and/or (iv) continue operations, but incur material harm to our business, operations or financial conditions. These conditions, combined with our historical operating losses and our deficits in stockholders' equity and working capital, raise substantial doubt about our ability to continue as a going concern."

Similarly worrying, the company's current cash balance is approximately $3,000 (yes, that's just three thousand dollars, seriously), and it's operating with nearly $2.9 million in debt. The filing also illuminates the company's shift from paying its developers upfront for projects to working on a "net revenue sharing model," where devs get a cut of the final sales rather than paid when their work is complete. While that model sounds hugely profitable for third-party devs, and has been sporadically successful in the movie business, it seems to signal something less than wonderful in Interplay's case.

Additionally, the company's credit agreement has ended, which Interplay says "has resulted in a substantial reduction in the cash available to finance our operations." Rather than assure investors that everything will work out, the company again warns of potential negative outcomes, saying instead, "There can be no assurance that we will be able to enter into a new credit agreement or that if we do enter into a new credit agreement, it will be on terms favorable to us."

Currently, Interplay has five known projects, ranging from a lawsuit-entangled Fallout MMO to a sparsely detailed Earthworm Jim sequel. Several WiiWare and DSiWare projects are also in the works, though the fate of all five games could be grim given the wording of the company's SEC filing.

JoystiqFallout Online's future in doubt as Interplay crumbles originally appeared on Joystiq on Tue, 31 May 2011 14:50:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcybusinessdsiwareearthworm-jim-4fallout-onlinefinancialinterplaymdk-2pcsecsecurities-and-exchange-commissionwiiwareTue, 31 May 2011 14:50:00 EST<![CDATA[SouthPeak settles in SEC violation dispute]]>http://www.joystiq.com/2011/04/23/southpeak-settles-in-sec-violation-dispute/http://www.joystiq.com/2011/04/23/southpeak-settles-in-sec-violation-dispute/http://www.joystiq.com/2011/04/23/southpeak-settles-in-sec-violation-dispute/#comments Two Worlds publisher SouthPeak Interactive ended up in some hot water with the U.S. Securities and Exchange Commission last November, when the government agency announced it would bring a civil injunction against the publisher's chairman, Terry Phillips. The reason for the SEC suit was SouthPeak's failure to properly document a loan given to the publisher by Phillips in early 2009. Rather than drag out the investigation, SouthPeak decided to settle with the SEC earlier this week on unspecified terms.

SouthPeak CEO Melanie Mroz explained in a statement that the publisher cooperated with the SEC since it brought the investigation before them last year. She added, "In the end, however, it made the most sense for the company and Terry to negotiate an acceptable settlement that does not require us to admit any wrong-doing and close this chapter as we constantly strive to improve our processes, systems and personnel to meet our obligations as a public company."

JoystiqSouthPeak settles in SEC violation dispute originally appeared on Joystiq on Sat, 23 Apr 2011 15:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>businessindustrylawlegalloansecsouthpeaksouthpeak-gamesSat, 23 Apr 2011 15:30:00 EST<![CDATA[Nintendo accounts for nearly 25% of GameStop's new product purchased in fiscal 2009]]>http://www.joystiq.com/2010/03/31/nintendo-accounts-for-nearly-25-of-gamestops-new-product-purch/http://www.joystiq.com/2010/03/31/nintendo-accounts-for-nearly-25-of-gamestops-new-product-purch/http://www.joystiq.com/2010/03/31/nintendo-accounts-for-nearly-25-of-gamestops-new-product-purch/#comments Of the many, many games that GameStop sold in 2009 (not to mention the millions of dollars it made), we were left wondering where the lion's share of the game retail juggernaut's capital went in terms of product that the company was actually buying for its stores. And in a recent SEC filing for the last financial year, the company an unsurprising leader: Nintendo took the top spot, with 23 percent of GameStop's "new product purchases" in fiscal year 2009. Sony trailed in second place by only five less points at 17 percent, while MIcrosoft, EA, and Activision picked up 12, 12, and 11 percent (respectively).

The remaining 25 percent presumably belongs to various third party peripherals and game-related items available for sale in the retail chain's stores. That said, while over 41 percent of GameStop's sales come from new products (read: from the vendors listed above) over the 26 percent coming from used game sales, the vast majority of revenue is still very much coming from used game sales, and thusly, the company's number one vendor: you.

JoystiqNintendo accounts for nearly 25% of GameStop's new product purchased in fiscal 2009 originally appeared on Joystiq on Wed, 31 Mar 2010 14:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>activisionDSeaElectronic-Artsfiscal-year-2009gamestopMicrosoftNintendoprofitsrevenuesecsecurities-and-exchange-commissionWiiXbox-360Wed, 31 Mar 2010 14:00:00 EST<![CDATA[Activision CFO Thomas Tippl now COO]]>http://www.joystiq.com/2010/03/30/activision-cfo-thomas-tippl-now-coo/http://www.joystiq.com/2010/03/30/activision-cfo-thomas-tippl-now-coo/http://www.joystiq.com/2010/03/30/activision-cfo-thomas-tippl-now-coo/#comments Acitvision chief financial officer Thomas Tippl was recently promoted to the position of chief operating officer at the publisher, and will serve double duty as temporary acting CFO while a replacement is found. A filing with the Securities and Exchange Commission from last week detailed the executive swap (titled the "Tippl Amendment," effective as of March 23), including an $885k annual salary, stock options, an annual raise "at least equal to the average [undisclosed] percentage increase" (pending approval by the board), and a yearly performance-based bonus of "120 percent of his base salary [$1,062,000]."

The wonderfully candid thing about SEC filings is that there's little room for spin or marketing, but the downside is all the financial jargon -- like the fact that part of Tippl's new contract entitles him to a grant of 225,000 "performance shares" that "vest ratably." This means we're put in a position where we're telling you about stuff that is at the least pretty confusing and likely kind of meaningless. So let's break it down!

"Performance shares" are, according to Investopedia, "shares of company stock given to managers only if certain company wide performance criteria are met, such as earnings per share targets." Meaning, in so many words, that Activision has to meet a certain performance level in order for Tippl to earn said shares. That they will "vest ratably" is only to say that on Feb. 15 of each year for the next four years, he will earn part of that eventual 225,000-share goal (in 2014) ... should he stay in his position for all that time, of course. And finally, this is all based on the prediction that he delivers a higher or equal to non-GAAP earning per share when compared to the previous year. In short, he has to either break even or make money to get the stocks, and he has to maintain that for the next four years. Quite a tall order, sir!

[Via Edge]

JoystiqActivision CFO Thomas Tippl now COO originally appeared on Joystiq on Tue, 30 Mar 2010 12:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>activisionactivision-blizzardblizzardcfochief-financial-officerchief-operating-officercoofinancesecsec-filingsecurities-and-exchange-commissionthomas-tipplTue, 30 Mar 2010 12:30:00 EST<![CDATA[Activision report lists World of Warcraft as a 'risk factor']]>http://www.joystiq.com/2010/03/02/activision-report-lists-world-of-warcraft-as-a-risk-factor/http://www.joystiq.com/2010/03/02/activision-report-lists-world-of-warcraft-as-a-risk-factor/http://www.joystiq.com/2010/03/02/activision-report-lists-world-of-warcraft-as-a-risk-factor/#comments If there's anything that all the chaos between Activision and Infinity Ward in the past 24 hours has taught us, it's that no one is safe and dry under Bobby Kotick's umbrella. And while Call of Duty: Modern Warfare was one of Activision's biggest earners, that hasn't stopped the company from revamping the brand however it sees fit. So what about Activision's other big game, Blizzard's World of Warcraft? The same annual report released to the SEC yesterday that kicked off the Infinity Ward shakeup also mentions that Activision is worried about WoW becoming "obsolete," and that the regulatory issues in China could affect the entire company's bottom line.

So will we hear about Mike Morhaime being frogmarched off of the Blizzard campus? Not likely -- the fears about WoW are all in a section of the report labeled "Risk Factors," in which a company must disclose anything that could possibly go wrong with its financials in the future, just in case. In there, Activision worries about everything from credit card fraud to its ESRB ratings -- WoW is mentioned a lot because it makes up most of the revenue (in fact, one of the worries is that Activision depends on WoW too much), but these are all worst case scenario guesses. The report admits that Blizzard did decrease its net revenues last year, but then credits that to no new releases in 2009 and interrupted licensing fees from China. Assuming Blizzard releases both Starcraft II and Cataclysm as planned in 2010, the odds are low that Activision will raise the axe in that direction.

JoystiqActivision report lists World of Warcraft as a 'risk factor' originally appeared on Joystiq on Tue, 02 Mar 2010 21:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>activisionactivision-blizzardblizzardcataclysmearnersinfinity-wardmike-morhaimereportrevenuesecstarcraft-iisubscriptionsworld-of-warcraftwowTue, 02 Mar 2010 21:00:00 EST<![CDATA[GameFly going public, files $50 million IPO]]>http://www.joystiq.com/2010/02/10/gamefly-going-public-files-50-million-ipo/http://www.joystiq.com/2010/02/10/gamefly-going-public-files-50-million-ipo/http://www.joystiq.com/2010/02/10/gamefly-going-public-files-50-million-ipo/#comments GameFly, game rental service and media entity, has filed a $50 million initial public offering with the Securities and Exchange Commission and has applied to appear as "GFLY" on the NASDAQ ticker. The IPO registration form lays out many details that were previously unknown about the privately held company. Tidbits include that GameFly has approximately 334,000 subscribers as of September 2009 and generated $84.7 milllion in revenue in its fiscal year ending March 2009.

Additionally, the form suggests that GameFly's collection of media sites, which includes the ShackNews properties, apparently draws 4.4 million monthly unique visitors.

GameFly is currently practicing a "quiet period" and representatives could not comment on this report.

[Via BusinessInsider; thanks, Wolvie75]

JoystiqGameFly going public, files $50 million IPO originally appeared on Joystiq on Wed, 10 Feb 2010 13:53:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>financialgameflygflyiponasdaqsecWed, 10 Feb 2010 13:53:00 EST<![CDATA[Interplay not satisfied with defeated Fallout injunction]]>http://www.joystiq.com/2009/12/15/interplay-not-satisfied-with-defeated-fallout-injunction/http://www.joystiq.com/2009/12/15/interplay-not-satisfied-with-defeated-fallout-injunction/http://www.joystiq.com/2009/12/15/interplay-not-satisfied-with-defeated-fallout-injunction/#commentsLast week, a US District Court judge denied Bethesda's request for an injunction against Interplay, which would have prevented Interplay from selling its Fallout games -- and stopped it from developing Project V13, the Fallout MMO.

The company released a short statement about the court case in the form of SEC Form 8-K, which is intended to provide information about major events to shareholders. Interplay is not happy to merely defend its rights to make and sell Fallout games: the statement reads that Interplay is going to continue pursuing "its Counter-Claims against Bethesda, including its claims for Breach of Contract, Tortious Interference with Prospective Economic Advantage, Rescission, Accounting and Declaratory Relief seeking an award of damages and other relief."

Interplay reportedly claims that Bethesda shopped the Fallout legacy games around to other publishers, telling them that Interplay no longer had the license, which constitutes "unreasonable interference" with Interplay's property.

[Via Duck and Cover]

JoystiqInterplay not satisfied with defeated Fallout injunction originally appeared on Joystiq on Tue, 15 Dec 2009 09:37:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bethesdaBethesda-Softworksbethesda-v-interplayfalloutfallout-mmoinjunctioninterplaymmoproject-v13secTue, 15 Dec 2009 09:37:00 EST<![CDATA[SouthPeak earnings report reveals acquisition of ... something involving TNA Impact]]>http://www.joystiq.com/2009/11/13/southpeak-earnings-report-reveals-acquisition-of-something-i/http://www.joystiq.com/2009/11/13/southpeak-earnings-report-reveals-acquisition-of-something-i/http://www.joystiq.com/2009/11/13/southpeak-earnings-report-reveals-acquisition-of-something-i/#comments
Remember way back in August when THQ picked up around 40 percent of Midway San Diego (following that whole full collapse thing), but left off the TNA Impact property? It would appear that the reason for this exclusion was due to SouthPeak Games snatching up the license, as revealed by a recent Q1 2010 financial report released by the company.

The "acquisition" is first noted in the report's "Highlights of the Quarter" section. "Acquired in bankruptcy certain assets owned by Midway relating to video games based on the TNA iMPACT wrestling brand." We asked SouthPeak who would be in charge of developing the next game in that series, said in the report to be released "this year" (2010), and found out that such information has yet to be announced, unfortunately. Currently, SouthPeak is only known to be publishing TNA Impact: Cross the Line for the PSP and Nintendo DS.

When we explored the SEC filing from Midway on the sale, the wording got much more ambiguous. One notable exclusion from the $100k purchase is, "the TNA License and Sellers' rights thereunder." When we asked SouthPeak to clear up exactly what the company bought, we were told that, while it "can confirm the details of the release and filing," no comment is currently available - though we were assured that we'll be hearing more details "soon."

JoystiqSouthPeak earnings report reveals acquisition of ... something involving TNA Impact originally appeared on Joystiq on Fri, 13 Nov 2009 23:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>acquisitionbusinesscross-the-linefinancial-reportmidwaymidway-gamessecsouthpeaksouthpeak-gamestnatna-impacttna-impact-cross-the-linetna-wrestlingwrestlingFri, 13 Nov 2009 23:00:00 EST<![CDATA[Midway UK and France offices bought for 1 euro (combined)]]>http://www.joystiq.com/2009/08/12/midway-uk-and-france-offices-bought-for-1-euro-combined/http://www.joystiq.com/2009/08/12/midway-uk-and-france-offices-bought-for-1-euro-combined/http://www.joystiq.com/2009/08/12/midway-uk-and-france-offices-bought-for-1-euro-combined/#comments
In a move that leaves us scratching our heads, ex-Midway Europe managing director Martin Spiess has purchased the Midway UK and France executive offices for a combined amount of one euro. According to the SEC filing, Mr. Spiess formed Spiess Media Holding UG to purchase the companies, in what MCV UK calls a "management buyout." Additionally, Midway Germany's general manager, Uwe Fürstenberg, has purchased the German branch for an undisclosed amount.

The kicker on all of these business dealings? In buying the UK and France offices, Spiess has tied his company to "a payment of approximately One Million Seven Hundred Thousand Dollars ($1,700,000) from [Midway Games Limited] to [Midway USA]" at the "closing of transactions." Spiess has 90 days to turn around the Midway-branded stock. Good luck, Mr. Spiess! From what we've seen of Midway over the past six months, you're going to need it.

[Via MCV UK]

JoystiqMidway UK and France offices bought for 1 euro (combined) originally appeared on Joystiq on Wed, 12 Aug 2009 09:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>businessmartin-spiessmcvukmidwaymidway-europemidway-francemidway-germanymidway-uksecuwe-furstenbergWed, 12 Aug 2009 09:00:00 EST<![CDATA[Silver lining: THQ acquires 40 percent of Midway San Diego employees, maybe more]]>http://www.joystiq.com/2009/08/09/silver-lining-thq-acquires-40-percent-of-midway-san-diego-emplo/http://www.joystiq.com/2009/08/09/silver-lining-thq-acquires-40-percent-of-midway-san-diego-emplo/http://www.joystiq.com/2009/08/09/silver-lining-thq-acquires-40-percent-of-midway-san-diego-emplo/#comments
You've been reading an awful lot about Midway business minutiae over the last six months, so we won't bore you with too many unexciting details about THQ buying Midway's San Diego studio for $200k last week. The most important thing for you to know is that out of 100 employees, 40 have been offered jobs by THQ, and more positions may be opening, the Chicago Tribune reports.

According to the SEC filing, the TNA iMPACT! license wasn't part of the deal, a strange omission considering THQ publishes UFC games. The deal is all but finalized, awaiting Midway's bankruptcy court's approval and an agreement between THQ and Warner Bros. over the sharing of certain undisclosed IPs (the terms of which have already been settled). Considering the sad tale surrounding the shuttering of Midway Newcastle, we're glad to finally be writing something somewhat positive in the wake of Midway's collapse.

[Via Kotaku]

JoystiqSilver lining: THQ acquires 40 percent of Midway San Diego employees, maybe more originally appeared on Joystiq on Sun, 09 Aug 2009 13:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>businesschicago-tribunekotakumidwaymidway-newcastlemidway-san-diegosecsecurities-and-exchange-commissionthqtna-impactufcufc-unleashedSun, 09 Aug 2009 13:30:00 EST<![CDATA[Extensive overview of GameStop reveals rising profits, world domination plans]]>http://www.joystiq.com/2009/04/29/extensive-overview-of-gamestop-reveals-rising-profits-world-dom/http://www.joystiq.com/2009/04/29/extensive-overview-of-gamestop-reveals-rising-profits-world-dom/http://www.joystiq.com/2009/04/29/extensive-overview-of-gamestop-reveals-rising-profits-world-dom/#comments
Looking at this examination of GameStop's sales over at Gamasutra, it's hard to not get frustrated thinking about how much money the used game monolith is making on our undying urge to play "the next big thing." Pulling figures from the 10-K filings made each year by the company with the US Securities and Exchange Commission, Gamasutra noticed some interesting figures. Notably among those: "between 41 and 46 percent" of the company's gross profits are coming from used game sales alone.

And how much is the company making, on the dollar, for each dollar they invest in the used game market? According to the analysis, GameStop is making 48 cents on every 100 spent in the used games trade -- a nearly 50% profit margin on a service that accounts for "22 percent to 28 percent of GameStop's revenue."

Though GameStop's plans for world domination weren't explicitly spelled out in the 10-K, we expect to hear more about them in the coming months. Alright, alright -- fine, you got us. GameStop isn't planning global domination ... yet.

JoystiqExtensive overview of GameStop reveals rising profits, world domination plans originally appeared on Joystiq on Wed, 29 Apr 2009 22:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>10-kanalysisbusinessearningsgamasutragamestopsecused-gamesWed, 29 Apr 2009 22:00:00 EST<![CDATA[Interplay still out of money]]>http://www.joystiq.com/2009/04/17/interplay-still-out-of-money/http://www.joystiq.com/2009/04/17/interplay-still-out-of-money/http://www.joystiq.com/2009/04/17/interplay-still-out-of-money/#commentsIt seems that selling off the Fallout IP hasn't reversed Interplay's fortunes -- nor has ... planning to make a Fallout MMO. According to a recent SEC filing, the publisher ended 2008 completely broke. But don't worry! Interplay has a plan: Get more money from somewhere.

"We continue to seek external sources of funding," the company stated, "including but not limited to, incurring debt, the selling of assets or securities, licensing of certain product rights in selected territories, selected distribution agreements, and/or other strategic transactions sufficient to provide short-term funding, and achieve our long-term strategic objectives." We assume that those long-term strategic objectives would include paying off the new debts incurred in order to provide short-term funding.

The document does mention that the publisher continues to work on "the development of a MMOG code named: "Project:V13" (the alleged Fallout MMO) as well as "sequels to some of our most successful games, including Earthworm Jim, Dark Alliance, Descent and MDK." All decent reasons to hope the company doesn't tank.

[Via VG247]

JoystiqInterplay still out of money originally appeared on Joystiq on Fri, 17 Apr 2009 18:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>descentearthworm-jimfalloutfallout-mmointerplaymdksecFri, 17 Apr 2009 18:30:00 EST<![CDATA[Interplay may lose its license to make Fallout MMO]]>http://www.joystiq.com/2009/04/16/interplay-may-lose-its-license-to-make-a-fallout-mmo/http://www.joystiq.com/2009/04/16/interplay-may-lose-its-license-to-make-a-fallout-mmo/http://www.joystiq.com/2009/04/16/interplay-may-lose-its-license-to-make-a-fallout-mmo/#comments Well, folks, it's been two years -- two years and 12 days, actually. And now, because Interplay may or may not have entered into "full scale development" of the Fallout MMO it was beholden to start making by, oh, say, 12 days ago, Bethesda Softworks has, unsurprisingly, asked for its property back. Though, according to an SEC filing, no "formal action" has been taken by Fallout IP-owner Bethesda as of yet, the company has apparently made claims that Interplay is "in breach of the trademark license agreement" the two companies agreed upon back in 2007.

Rumors that Interplay has been working on a Fallout MMO arose again recently as Earthrise developer Masthead Studios offered Interplay its proprietary tools and technology for use with a project currently in-development, codenamed "Project V13." We would like to point out that while a wiki page on "Project V13" hints heavily at the codename concealing a Fallout MMO in development at Interplay, nothing official has ever been announced. And you'd think Interplay might want to do that if it wanted to keep its "trademark license agreement," no?

[Via Big Download]

JoystiqInterplay may lose its license to make Fallout MMO originally appeared on Joystiq on Thu, 16 Apr 2009 10:15:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bethesdaBethesda-Softworksbethesda-v-interplaybusinessearthrisefalloutfallout-mmointellectual-propertyinterplaylawsuitmasthead-studiosproject-v13sectrademarkThu, 16 Apr 2009 10:15:00 EST<![CDATA[Red Mile CEO steps down, ex-pres takes top spot]]>http://www.joystiq.com/2009/04/05/red-mile-ceo-steps-down-ex-pres-takes-top-spot/http://www.joystiq.com/2009/04/05/red-mile-ceo-steps-down-ex-pres-takes-top-spot/http://www.joystiq.com/2009/04/05/red-mile-ceo-steps-down-ex-pres-takes-top-spot/#comments
In these trying economic times, we've spent more time than we'd like writing up story after story about layoffs and business (or lack thereof) -- this is a site about video games, right? Fortunately for us, today's tale revolves around the ol' corporate musical chairs routine rather than a bunch of folks getting canned, as former Red Mile Entertainment CEO Chester Aldridge steps down from his position and (now former) Red Mile president Simon Price steps in.

According to an SEC filing made in late March, not only is the company losing Mr. Aldridge but also Kenny Cheung from its board of directors. Mr. Cheung founded and currently owns Tiger Paw Capital, a venture capital firm that invested $1 million into the ailing company recently -- though we hear that's about $9 million short. Can we stop contextualizing corporate reshufflings now?

[Via GamesIndustry.biz]

JoystiqRed Mile CEO steps down, ex-pres takes top spot originally appeared on Joystiq on Sun, 05 Apr 2009 13:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>businessceochester-aldridgecorporateeconomykenny-cheungred-milered-mile-entertainmentsecsimon-pricetiger-paw-capitalSun, 05 Apr 2009 13:30:00 EST<![CDATA[Take-Two settles for $3M over old SEC investigation]]>http://www.joystiq.com/2009/04/02/take-two-settles-for-3m-over-old-sec-investigation/http://www.joystiq.com/2009/04/02/take-two-settles-for-3m-over-old-sec-investigation/http://www.joystiq.com/2009/04/02/take-two-settles-for-3m-over-old-sec-investigation/#comments
Take-Two has agreed to settle for $3 million in a stock-option backdating scheme conducted by the company over a decade ago -- by folks that were punished and haven't been part of the company in years. Take-Two announced years ago that it would pursue the settlement route, accepting the corporate version of pleading "no contest," as the publisher did not admit nor deny the SEC allegations.

In fairness, Take-Two appears to be a very different company under the muscled shadow of Strauss Zelnick, compared to the darker days of Paul Eibeler. Think of this whole incident like the time your uncle got really drunk at Christmas and ... well, you know. Point is: the family has moved on and tries not to remember that.

[Via Gamespot]

JoystiqTake-Two settles for $3M over old SEC investigation originally appeared on Joystiq on Thu, 02 Apr 2009 12:44:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>secsecurities-and-exchange-commissionsettlementstrauss-zelnicktake-twoThu, 02 Apr 2009 12:44:00 EST<![CDATA[Harry Potter delay cost EA $120m this year]]>http://www.joystiq.com/2008/09/09/harry-potter-delay-costs-ea-120m-this-year/http://www.joystiq.com/2008/09/09/harry-potter-delay-costs-ea-120m-this-year/http://www.joystiq.com/2008/09/09/harry-potter-delay-costs-ea-120m-this-year/#commentsFiled under: , , , ,


Profitus Reducto! In an SEC filing yesterday, Electronic Arts revealed exactly how much stock it put in the Harry Potter and the Half-Blood Prince game, which was delayed until Summer 2009 alongside the movie (both were originally slated for November 2008): The publishing giant was expecting the Boy Wizard to pull in $120 million in revenue for this fiscal year. The filing offers no indication as to its new fiscal forecast for this year nor how much it now plans to profit from the game in its new release window of next Summer. As to the latter, we're guessing oodles of monies is still a proper metric.

[Via Edge]

JoystiqHarry Potter delay cost EA $120m this year originally appeared on Joystiq on Tue, 09 Sep 2008 10:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>eaelectronic-artshalf-blood-princeharry-potterMacPCPS3secsec-filingWiiXbox-360Tue, 09 Sep 2008 10:00:00 EST<![CDATA[EA, Take-Two take buyout talks behind closed doors]]>http://www.joystiq.com/2008/08/26/ea-take-two-take-buyout-talks-behind-closed-doors/http://www.joystiq.com/2008/08/26/ea-take-two-take-buyout-talks-behind-closed-doors/http://www.joystiq.com/2008/08/26/ea-take-two-take-buyout-talks-behind-closed-doors/#commentsFiled under:


The ongoing drama of who's eating who between mega publishers Electronic Arts and Take-Two has finally been taken behind the curtain, where it should have been all along. After coming to some measure of understanding, the companies have jointly signed a confidentiality agreement, agreeing not to blab about what may or may not happen as a result of ongoing talks until, you know, something actually happens.

According to Reuters, EA has agreed as part of a regulatory filing with the SEC to not "make any further announcements regarding the status of any discussions or negotiations with Take-Two" until the pair come to some sort of mutual accord. We couldn't be happier, knowing that while the drama will likely continue to unfold for quite some time, at least we won't have to read (or write!) about it.

JoystiqEA, Take-Two take buyout talks behind closed doors originally appeared on Joystiq on Tue, 26 Aug 2008 08:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>buyouteaelectronic-artselectronicartssecsecuritiesandexchangecommissiontake-overtake-twotakeovertaketwoTue, 26 Aug 2008 08:30:00 EST<![CDATA[Take-Two: More companies want to buy us]]>http://www.joystiq.com/2008/02/29/take-two-more-companies-want-to-buy-us/http://www.joystiq.com/2008/02/29/take-two-more-companies-want-to-buy-us/http://www.joystiq.com/2008/02/29/take-two-more-companies-want-to-buy-us/#commentsFiled under:

Like that hot catholic school girl with a penchant for acting tough, everyone seems to want a piece of Take-Two these days. The Associated Press is reporting on a recent SEC filing in which the company reveals its been approached with a few "informal indications of interest in a business combination" since EA's unsolicited buyout offer earlier this week. It makes sense ... after all, when if the most popular guy in school (read: EA) gets turned down by a relatively popular girl (read: Take-Two), then everyone else suddenly thinks they have a chance with her.

Like that goth girl with the spiked choker and way too much black mascara, though, Take-Two is acting like it doesn't want the attention. The filing goes on to say that the company "has not engaged in any substantive discussions with any party (including EA) with respect to a business combination." At least they're being direct about their lack of interest. Everyone knows the best way to ruin a business rep is by being a merger tease.

JoystiqTake-Two: More companies want to buy us originally appeared on Joystiq on Fri, 29 Feb 2008 14:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>acquisitionbusinessbuyoutEAElectronic-ArtsmergemergerSECT2take-twotakeoverFri, 29 Feb 2008 14:30:00 EST<![CDATA[Probed: THQ is clean, cleared by SEC]]>http://www.joystiq.com/2008/02/27/probed-thq-is-clean-cleared-by-sec/http://www.joystiq.com/2008/02/27/probed-thq-is-clean-cleared-by-sec/http://www.joystiq.com/2008/02/27/probed-thq-is-clean-cleared-by-sec/#commentsFiled under:

probe
The United States Securities and Exchange Commission has closed its investigation of THQ's stock option grant practices and will not recommend any charges against the publisher. The SEC probe began in August 2006 amidst a flurry of similar examinations that targeted the likes of EA, Take-Two and Activision. Thus far, the SEC has only recommended action against Activision Take-Two.

JoystiqProbed: THQ is clean, cleared by SEC originally appeared on Joystiq on Wed, 27 Feb 2008 21:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>secthqWed, 27 Feb 2008 21:30:00 EST<![CDATA[SEC considering charges against Take-Two]]>http://www.joystiq.com/2007/08/16/sec-considering-charges-against-take-two/http://www.joystiq.com/2007/08/16/sec-considering-charges-against-take-two/http://www.joystiq.com/2007/08/16/sec-considering-charges-against-take-two/#commentsFiled under: ,

The US Securities and Exchange Commission has sent publisher Take-Two a Wells notice, which indicates that the agency is considering filing charges and pursuing a "civil monetary penalty," according to Reuters.

Though the publisher has previously been entangled with the government over a cup of warm java, the issue here arises from improper backdating of employee stock options. An internal review by the publisher discovered that their financial records for the last decade were unreliable. Former CEO Ryan Bryant has already plead guilty and was punished five years of probation and millions of dollars in fines.

The Wells notice gives Take-Two a final chance to convince the SEC not to take action. Though their financial quarter already looks bleak given the GTA IV delay, the company may have a hit on their hands with BioShock given the inordinate amount of praise that title has received.

JoystiqSEC considering charges against Take-Two originally appeared on Joystiq on Thu, 16 Aug 2007 13:55:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>reuterssectaketwoThu, 16 Aug 2007 13:55:00 EST<![CDATA[Boardroom guys: Let's make a Fallout MMO]]>http://www.joystiq.com/2006/12/13/boardroom-guys-lets-make-a-fallout-mmo/http://www.joystiq.com/2006/12/13/boardroom-guys-lets-make-a-fallout-mmo/http://www.joystiq.com/2006/12/13/boardroom-guys-lets-make-a-fallout-mmo/#commentsFiled under: ,

According to a November SEC filing, battered software publisher, Interplay, imagines a wonderful future with gamers paying it $160 million per-year beginning in 2011. The one product that could relaunch the company: a Fallout MMO.

In the SEC document -- with typical financial disclaimers saying the projection may never be realized -- Interplay hopes a $75 million Fallout MMO production of will save the farm. (A large part of that figure includes marketing.) The company intends to sell common stock to generate a significant part of that budget -- that's why this filing exists for us to drool and scribble notes in the margins.

While the product may eventually be created, give it at least a few months before getting excited; Interplay hopes development begins in early in 2007. And even then, you'll have to wait until Q3 2010 before the company intends to launch; three-and-a-half years in production seems optimistic. Keep the skepticism setting on high.

[Via Inside Mac Games]

JoystiqBoardroom guys: Let's make a Fallout MMO originally appeared on Joystiq on Wed, 13 Dec 2006 17:55:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>FalloutFallout MMOFalloutMmoInterplaySECWed, 13 Dec 2006 17:55:00 EST<![CDATA[SEC investigates Take-Two]]>http://www.joystiq.com/2006/07/10/sec-investigates-take-two/http://www.joystiq.com/2006/07/10/sec-investigates-take-two/http://www.joystiq.com/2006/07/10/sec-investigates-take-two/#commentsFiled under:

There is no peace for Take-Two Interactive. Seeing as the now-infamous publisher of some of the most reputable (Civilization) and disreputable (Grand Theft Auto) does not have enough trouble on its hands, it will now be investigated by the US Securities and Exchange Commission.

The SEC notified the company that it was launching an informal probe into how the publisher has granted stock options from 1997 until present. Take-Two has confirmed its intentions to cooperate with the non-public investigation.

The Associated Press reports that Take-Two is one of many companies being investigated by the SEC for having "backdated stock option grants to time them at share price lows, thus boosting gains on the sale of the stock."

[via GamesIndustry.biz]

JoystiqSEC investigates Take-Two originally appeared on Joystiq on Mon, 10 Jul 2006 15:25:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Grand Theft AutoGrandTheftAutonyseSECstocksMon, 10 Jul 2006 15:25:00 EST<![CDATA[Infinium's name is now Phantom Entertainment]]>http://www.joystiq.com/2006/06/01/infiniums-name-is-now-phantom-entertainment/http://www.joystiq.com/2006/06/01/infiniums-name-is-now-phantom-entertainment/http://www.joystiq.com/2006/06/01/infiniums-name-is-now-phantom-entertainment/#commentsFiled under:

Infinium, the company that didn't bring us the Phantom game console, has changed its name to Phantom Entertainment. Now, I'm not an expert on brand recognition, but renaming your company so it's even more closely associated with a product that has topped vaporware charts and was founded by a person that has been accused of pumping stock doesn't strike me as a good move.

Talking of the pump 'n' dump accusation that has been levied against former Infinium CEO Tim Roberts; xantar over at The Gaming Hobo spotted an amusing little snippet regarding the Securities and Exchange Commission's investigation into Roberts. Apparently the fax that provided evidence that Infinium was pumping stock was sent to the commission's California office, making the SEC one of the one million recipients. A tip to any budding fraudsters out there: if you're gonna try and run up stocks so you can sell them at artificially inflated prices, don't notify the authority responsible for cracking down on such illegal activities.

JoystiqInfinium's name is now Phantom Entertainment originally appeared on Joystiq on Thu, 01 Jun 2006 16:55:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>accusationInfiniumInfinium LabsInfiniumLabsPhantomPhanton EntertainmentPhantonEntertainmentPump and dumpPumpAndDumpSECThe gaming hoboTheGamingHoboTim RobertsTimothy RobertsTimothyRobertsTimRobertsThu, 01 Jun 2006 16:55:00 EST