Blog Post

Gamer SCI Raises $119 Million From Warner Bros., Property Investor Tchenguiz

Turns out that earlier reports of London-traded game developer SCi selling a major chunk to NBCU were false: Instead, the company has announced a $119 million (£60 million) raise from real estate tycoon Robert Tchenguiz and Warner Bros. Note that Warner Bros., part of Time Warner (NYSE: TWX), already owned 10 percent of the company. With the investment, Tchenguiz, through his Thorson Investment vehicle, will control 22 percent of the company, while Warner Bros. will control 20 percent. The shares were priced at a 38 percent discount to SCI’s traded price.

Reuters: “Shares of SCi, which created the heroine of the Tomb Raider games, sank to a 5-year-low after reporting in February it needed 50 million pounds to survive, after the cost of scrapping a series of ill-conceived computer games.”