BioWare - EA Finalizes Acquisition & Gains 10 Franchises

The finalization of the EA/Bioware/Pandemic deal is being reported all over the net, and marks the official beginning of Bioware being run as a division of EA. Gamasutra gives the summary of details:

Electronic Arts has announced that it has completed its purchase of VG Holding Corp, making final the company's acquisition of BioWare and Pandemic Studios under the EA Games label, with which the company gains ten new franchises based on six wholly-owned IP.

EA Games president Frank Gibeau will oversee both studios within his organization, and BioWare's Ray Muzyka and Greg Zeschuk have each been named as vice presidents of EA and co-general managers of BioWare. Similarly, Pandemic's Andrew Goldman and Josh Resnick have each been named vice presidents of EA and co-general managers of Pandemic, while Greg Borrud has been named vice president of EA and chief production officer of Pandemic Studios.

EA has said it aims to broaden its portfolio through the acquisition of the two labels, hoping to attain a competitive position in the RPG, action and adventure genres. EA agreed to pay up to $620 million in cash to the stockholders of the studios' parent, VG Holding Corp, and also said it would issue up to an additional $155 million in equity to certain vested or high-performing employees of VG Holding Corp.

The full press release is reported here at gamesindustry.biz