• U.S. company makes video games including Doom and Quake
  • ZeniMax said to be valued at as much as $2.5 billion

Providence Equity Partners, the private equity firm focused on technology, media and telecommunications, is exploring options for portfolio company ZeniMax Media Inc., people with knowledge of the matter said.

The buyout firm has held talks with banks about what to do with its stake in the developer and distributor of video games, including a possible initial public offering or a sale, said the people, who asked not to be identified because the information is private.

The business, which would probably draw interest from other private equity firms, could be valued at as much as $2.5 billion, the people said. No final decision has been made and Providence may decide to retain the company.

ZeniMax makes video games, including Doom, Elder Scrolls and Quake, for consoles and personal computers and mobile devices. It received its initial investment from Providence in 2007. Shareholders include ProSiebenSat.1 Media SE, according to a spokesman for the German broadcaster.

The company is led by Chairman and Executive Officer Robert A. Altman. Its board includes Jerry Bruckheimer, according to ZeniMax’s website, a producer for films such as “Top Gun” and “Pirates of the Caribbean.”

A spokesman for Providence declined to comment, while a spokesman for ZeniMax didn’t respond to e-mail messages seeking comment.

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