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SouthPeak Pays Later to Gobble Gamecock Now
by Blake Ellison, Oct 17, 2008 10:38am PDTPublisher SouthPeak Interactive paid nothing up front for the privilege of swallowing Gamecock, the independent-oriented publishing house started by gaming entrepreneur Mike Wilson (pictured at left).
The Cut Scene, looking at a recent SEC filing by SouthPeak, found that the publisher is making two payouts: a 7% royalty on future Gamecock releases (with the rest of revenues going to SouthPeak) and "a warrant to purchase 700,000 shares of SouthPeak stock."
In essence, SouthPeak got a great deal for the independent publisher of Red Fly's Mushroom Men (Wii, DS) and Spark Unlimited's Legendary (PC, 360, PS3). Gamecock's ownership, on the other hand, got a stake in a rather small publisher.
SouthPeak has committed to publishing the two aforementioned Gamecock titles as well as Replay Studios' Velvet Assassin (PC, 360) next year, but after that the future of the Gamecock brand and the role of CEO Mike Wilson--who once before sold off an independent-oriented publisher he helped found--is unknown.
Comments
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So far Gamecock's titles haven't done too well, Dementium was average, so were Insecticide and Pirates vs. Ninjas, Fury was such a disaster the developer went belly up, and their Hail to the Chimp faded away quickly.
Actually the most interesting titles are coming up, (Velvet Assassin, Section 8, Dungeon Hero) but there's only so long a publisher can do without a title that's financially lucrative, especially a new company.