Midway Acquires Area 51 Developer

Officials from Midway Games announced that the company has acquired Texas-based Inevitable Entertainment, a studio currently working on Area 51 for the publisher. The acquisition was made in an all-stock transaction for 218,421 Midway common shares. 152,824 restricted shares of Midway common stock were also issued to key Inevitable employees as retention incentives. The restrictions on the stock will be removed over a period of three years, provided the employees remain at the company. Inevitable will be renamed "Midway Studios – Austin", fulfilling Midway’s previously stated desire to open a studio in the area. The developer’s previous titles are Tribes: Aerial Assault for the PlayStation 2 and the multi-format release of The Hobbit.