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ZeniMax Media raised $105 million in convertible debt and promissory notes in order to buy Doom game developer, id Software.
It shows that ZeniMax was willing to borrow a lot of money to get id, which is one of the few remaining independent game developers with remarkably valuable game properties and a history of making outstanding games. It also shows that, whatever the final purchase price, id sold out for a lot of money, even during a big recession.
The two private companies didn’t disclose financial details when they announced the deal on June 24. But ZeniMax was obliged to disclose the transaction in a filing with the Securities and Exchange Commission, which requires filings when large sums of money are borrowed.
ZeniMax said in the filing that “convertible notes and promissory notes [were] issued in connection with the acquisition of substantially all of the assets of Id Software, Inc.”
The filing didn’t say who the lenders were or whether the $105 million raised was the final purchase price for id. ZeniMax previously raised $300 million in private equity funding in 2007. The filing also said that Todd Hollenshead, former chief executive and now president of id, has joined ZeniMax’s board.