informa
News

Majesco To Raise Over $9 Million In New Funds

Following the revelation that a few key tactical errors at Cooking Mama publisher Majesco created a $5.2 million third quarter loss, the publisher is now issuing new shares -- to
Following the revelation that a few key tactical errors at at Cooking Mama publisher Majesco created a $5.2 million third quarter loss, the publisher's now drumming up funds -- to the tune of $9.63 million. Majesco will raise the money through the issuance of over 6 millon new shares of common stock at $1.50 each in a new offering that closes September 22, it announced today. The publisher's recent financial difficulties come down primarily to the fact that neither its Go Play line nor its Night at the Museum: Battle of the Smithsonian met its expectations, and it spent too heavily on marketing initiatives behind Go Play that didn't bear fruit. "We supported [Go Play's] launch with marketing to try to establish the brand," CEO Jesse Sutton recently told investors when the loss was announced. "The trade-off here is that if you don’t have a license with a natural consumer draw, some level of marketing investment is necessary. In retrospect, unlike 2008, this summer was weak industry-wide, and... we were disappointed by the performance of both Go Play titles." Majesco expects to earn $85 to $90 million in revenue this fiscal year, banking on the holiday release season and its upcoming Jillian Michaels Fitness Ultimatum, a Wii fitness title starring the popular television personal trainer from The Biggest Loser program.

Latest Jobs

Infinity Ward

Woodland Hills, California
11.3.21
Sr. Multiplayer Design Scripter/Programmer

Disbelief

Cambridge, Massachusetts
11.3.21
Jr. Programmer

XSEED

Torrance, California
11.3.21
Head of Marketing
More Jobs   

CONNECT WITH US

Register for a
Subscribe to
Follow us

Game Developer Account

Game Developer Newsletter

@gamedevdotcom

Register for a

Game Developer Account

Gain full access to resources (events, white paper, webinars, reports, etc)
Single sign-on to all Informa products

Register
Subscribe to

Game Developer Newsletter

Get daily Game Developer top stories every morning straight into your inbox

Subscribe
Follow us

@gamedevdotcom

Follow us @gamedevdotcom to stay up-to-date with the latest news & insider information about events & more