In a bid to increase its presence in the gaming and internet space, Warner Bros. Entertainment Inc. (TWX) is about to buy a 10.3 percent stake in U.K. business SCi Entertainment Group. At the same time, Warner will license the rights of its cartoon characters to the Eidos video game division of the company.
Warner Bros. announced that it will pay $86.7 million for the stake in SCi Entertainment, while the Eidos division will create up to 22 games based upon Warner's Looney Tunes characters, according to Hollywood Reporter.
Some of the famous characters are Bugs Bunney, Yogi Bear, Huckleberry Hound and the Flintstones. Included in the agreement will be Eidos getting interactive 
rights to "The O.C." television show.
"Investing in SCi further solidifies our commitment to the rapidly growing interactive and gaming space," Warner Bros. Home Entertainment Group president Kevin Tsujihara said.
SCi has plans to issue 8.9 million new shares to Warner Bros., while its shareholders must still give approval to the deal.
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