"Today we have significantly strengthened our relationship with Warner Bros. - one of the world's largest media groups - to create an exciting strategic partnership, giving us increased scale in the North American market, to the benefit of all our major franchises," said SCi CEO Phil Rogers.

Following the announcement that SCi and Warner Bros have formed a strategic partnership that will see the US media giant act as distributor for the publisher's titles in the North America, the SCi share price fell a further 17 per cent at the start of trading today.

The announcement, which also included a significant SCi share purchase by Warner Bros, as well as a new share placement at 35 pence per share, failed to stimulate the company's stock, which has fallen from 520 pence last July to 46.5 pence at the time of writing.

"None of this really makes all that much sense to me," he told GamesIndustry.biz. "Warner is doubling down for less money and SCi gets a temporary boost. It isn't clear to me that this is enough cash for more than a year and a half of operations.

"It doesn't appear strategic at all, since all Warner Bros gets is a larger minority interest in a weak company, and they don't benefit in any meaningful way from the distribution deal."