In an announcement sent by e-mail this morning, ZeniMax Media announced that it has completed a deal with Providence Equity Partners that brings in $300 million for the company that is the parent of Bethesda Softworks (responsible for games like The Elder Scrolls IV: Oblivion).

ZeniMax expects to use these new funds to expand its game operations. It will not only grow its publishing and development operations, but plans to pursue acquisitions that will grow the company's gaming presence. In particular, ZeniMax plans to use these funds to finance the development of massively multiplayer online games. This fits with the company's recent hire of Mat Firor (formerly of Mythic Entertainment) to head ZeniMax Online, a division creating MMOGs.

In return for its investment, Providence Equity Partners has received ZeniMax convertible preferred stock. Also, Providence Equity Partners Managing Director Michael Dominguez has been added to ZeniMax’s Board of Directors.