Wolpert, Ovitz Take Minority Stake in GameSpy Industries

Entertainment heavyweights Richard Wolpert and Michael Ovitz, moving to expand their portfolio of Internet investments, said Wednesday they have taken a multimillion-dollar minority stake in GameSpy Industries, a Costa Mesa-based online entertainment site.

Privately held GameSpy, which has a staff of 30, is known for making software applications that enable consumers to find everything from games to music on the Net.

Financial details were not disclosed.

“We’re using the money to expand and hire more staff,” said Mark Surfas, chief executive of GameSpy. “There’s a large window of opportunity for us in the music space, and we’re using this to accelerate our presence there and in other forms of entertainment.”

Launched in 1995, the company is best known for its GameSpy software tool, which more than 4 million computer game fans use to locate each other and join ongoing games.

The firm recently unveiled MP3Spy, which helps computer users find MP3 radio shows on the Net by clicking on the genre of music they like. In the past, people had to know where to find MP3 radio stations, which do not always run around the clock.

Wolpert and Ovitz previously teamed with grocery magnate Ronald W. Burkle, head of the investment firm Yucaipa Cos., to announce a new company dubbed CheckOut.com. The venture, which will sell movies, videos and games over the Internet, is expected to debut this summer.