Microsoft buys gaming firm ZeniMax Media for $7.5 bn

  • Tuesday 22, September 2020 07:33 AM
  • Microsoft buys gaming firm ZeniMax Media for $7.5 bn
Sharjah24 – AFP: Microsoft on Monday announced it will acquire ZeniMax Media for $7.5 billion, adding muscle to its Xbox arm ahead of a fierce battle in the market for new gaming consoles.
ZeniMax is the parent company of Bethesda Softworks, publisher of popular game franchises including Dishonored, Doom, Fallout and Elder Scrolls.

"Bethesda brings an impressive portfolio of games, technology, talent, as well as a track record of blockbuster commercial success," Microsoft said in statement.

The company will pay for the acquisition in cash with the deal expected to close by the mid-2021.

The deal comes as Microsoft prepares to release its Xbox Series X in mid-November, its first update to the gaming console since 2013.

Sony's eagerly awaited PlayStation 5 will also launch in November, setting up a holiday-season clash with Xbox as the gaming industry thrives during the pandemic.

The competing consoles will be released within two days of each other ahead of the Christmas rush, both aiming to capitalize on a rare bright spot in the economic carnage caused by the coronavirus crisis.