In 1991, Bobby Kotick and a group of investors had acquired the failing Mediagenic, the company that Activision had become from former leadership. Kotick instituted a large restructuring to pull the company out of debt, including renaming the company as Activision and moving it to Santa Monico, California. After bringing the company back to profitability by 1997, Kotick spent the next decade expanding Activision's products through acquisitions of an estimated 25 studios, which resulted in several successful series of games, including Tony Hawk's, Call of Duty, and Guitar Hero. However, by around 2006, the popularity of massively multiplayer online (MMO) games started to grow. Such games provide a constant revenue stream to their publishers, rather than only a single purchase, making them a more valuable proposition. None of Activision's subsidiaries had an MMO or the capability to make one quickly. Furthering this, Activision was facing tougher competition from companies like Electronic Arts, as well as slowdowns in sales of their key game series.