SANTA MONICA, Calif., July 26 (UPI) -- California video game publisher Activision Blizzard said it would transform itself into an independent, publicly owned company.
The company that produces "World of Warcraft" and "Call of Duty," said it would buy back 429 million shares from its parent firm Vivendi for $5.83 billion, the Los Angeles Times reported Friday.
Activision Blizzard Chief Executive Officer Bobby Kotick and Brian Kelly, the company co-chairman, have committed $100 million of their own funds to help investment group ASAC II purchase another 172 million shares for about $2.34 billion in cash.
Vivendi's stake in the game producer will be reduced to 12 percent, the Times said.
"The commitment that we have from Vivendi to continue as a shareholder shows their enthusiasm for the business. My investment shows I'm committed and enthusiastic about the prospects of the business," Kotick said in an interview.