informa
1 MIN READ
News

Schilling's 38 Studios Lands Initial $13m

The Rhode Island Economic Development Corp. said today that it is a step closer in bringing former Red Sox pitcher Curt Schilling's 38 Studios to the state with $13 million as a first installment of bond sale proceeds.
The Rhode Island Economic Development Corp. said today that former Red Sox pitcher Curt Schilling's online game studio has reached a multi-million dollar initial loan that will help move the company from Massachusetts to Rhode Island. The RIEDC said the closing of a bond sale and signed leases for offices located in Rhode Island meet the first milestone in an agreement between the studio and the state. Schilling's 38 Studios will now receive $13 million as the first installment of the bond sale proceeds. Schilling's 38 Studios was founded in Maynard, MA, but Rhode Island coaxed the studio out of the area with a pricey and controversial $75 million loan agreement as part of an economic development plan for the state. The new studio will be located in Providence, RI. The state expects 38 Studios to create 450 jobs in Rhode Island by the end of 2012. The studio will receive the rest of the bond proceeds over the next 15 months, based on additional milestones. RIEDC said that $20 million will be set aside in reserves to ensure that the first three years of debt payments are covered. 38 Studios has yet to release a game. It is working on an MMO codenamed Copernicus, and its wholly-owned subsidiary Big Huge Games is working on the multiplatform single-player RPG Kingdoms of Amalur: Reckoning, led by The Elder Scrolls: Oblivion designer Ken Rolston.

Latest Jobs

Xbox Game Studios

Redmond, Washington
10.5.22
Technical Lighting Artist

Innogames

Hamburg, Germany
10.5.22
Game Designer - Elvenar

Six Foot

Houston, TX
10.3.22
Six Foot Director, Player Relations

Hometopia Inc.

Remote
10.7.22
Lead Engineer
More Jobs   

CONNECT WITH US

Explore the
Subscribe to
Follow us

Game Developer Job Board

Game Developer Newsletter

@gamedevdotcom

Explore the

Game Developer Job Board

Browse open positions across the game industry or recruit new talent for your studio

Browse
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