Report: SCi execs in peril
Sunday Times says investors want the Eidos parent company's founder/CEO and other upper management to step down.
Back in September, Eidos parent company SCi Entertainment announced that it was in "extremely preliminary" talks with a potential acquirer. In the following months, Ubisoft, Time Warner, Midway, and an unnamed Chinese company were all reported as being in talks with the publisher of the Tomb Raider and Hitman franchises. However, last week the publisher announced that it had ended talks about an acquisition, saying it didn't believe it could get full value for its operation. SCi responded by shedding more than half its value in a single day.
While such a turn of events would be a cause for concern for any investor, The Sunday Times is reporting that some Eidos shareholders are demanding resignations from key members of the management team. According to the report, one "top investor" described SCi founder and CEO Jane Cavanagh's position as "untenable," with commercial director Bill Ennis and chairman Tim Ryan also the subject of shareholder ire. According to the report, finance director Phil Rogers is expected to take over as interim CEO should Cavanagh step down.
The Sunday Times also suggests that an SCi acquisition was never close to completion, and sources close to the company said the board didn't receive a single firm offer for the operation. Representatives with Eidos had not returned GameSpot's requests for comment as of press time.
Eidos is not the only publisher to face boardroom upheaval after getting on the wrong side of its shareholders. Last year, a group of Take-Two Interactive investors seized control of the company by voting out the board of directors and replacing the members with their own choices. Before board members were given their walking papers, Take-Two publicly raised the possibility of an acquisition as a last-ditch effort to raise the stock price and satiate angry shareholders. No buyer was found, and the board member change went through as planned.
Hot Stories
Newsmakers
-
Xbox One has preowned fee - Report
Microsoft confirms all discs must be installed to HDD to play; secondhand owners required to pay an unspecified fee. Full Story
- Posted May 22, 2013 2:44 am SST
-
Xbox One will launch this year
Microsoft formally announces Xbox 360 successor during media event; will support live TV and Skype; features 500GB hard drive, 8GB RAM, Blu-ray drive; 64-bit architecture. Full Story
- Posted May 22, 2013 1:09 am SST
Featured Stories
-
The Simpsons writer signs on for Angry Birds movie
Emmy-winning writer Jon Vitti, who penned "Mr. Plow" episode of The Simpsons, working on 2016 film based on Rovio's game. Full Story
- Posted May 21, 2013 3:23 am SST
-
Grand Theft Auto V premium bundles revealed
$150 Collector's Edition includes money bag, snapback hat, blueprint map, artwork, and various in-game items and bonuses; all preorders receive access to pilot atomic blimp vehicle. Full Story
- Posted May 23, 2013 8:44 pm SST
-
Atari to sell RollerCoaster Tycoon, Test Drive franchises at auction
Bankrupt publisher hoping to bring in at least $22 million from upcoming asset auctions. Full Story
- Posted May 24, 2013 12:43 am SST
-
38 Studios court case begins
Arguments in legal battle between defunct Amalur developer and Rhode Island presented in court today; state claims it has "avalanche" of evidence against 38 Studios. Full Story
- Posted May 23, 2013 4:51 am SST
-
Katie Couric acknowledges one-sided violent video games report
Network journalist acknowledges one-sided violent video game report; invitations to Bungie and the Entertainment Software Association were declined. Full Story
- Posted May 21, 2013 1:45 pm SST





