Christopher Weaver, the founder of the video game publisher Bethesda Softworks, and Robert A. Altman, a lawyer, founded ZeniMax Media in 1999.

Weaver brought Altman onboard as the chief executive officer, contributing his stock in Bethesda Softworks so that ZeniMax Media would be able to obtain funding.

Later that year, he filed a lawsuit against ZeniMax, alleging breach of contract and claiming he was owed US$1.2 million in severance pay.

[10] In 2000, SBS Broadcasting Group, operated by Sloan, acquired a 12.5% stake in ZeniMax as part of a partnership between the two companies.

[8] Among the partnerships between the companies, ZeniMax's subsidiary e-Nexus Studios developed entertainment portals and websites for SBS.

[11][12] In the same year, Terry McAuliffe, George Mitchell, Dean Devlin, and Jon Feltheimer joined ZeniMax as advisors.

[27] ZeniMax subsequently announced a partnership with the University of Southern California School of Cinematic Arts to support its Interactive Media Division with a comprehensive educational program of guest lectures and internships.

[29][30] In June, Oculus VR filed a response to the lawsuit, stating that ZeniMax was falsely claiming ownership to take advantage of its acquisition by Facebook.

[22] Altman had considered selling ZeniMax for several years and at one point was close to a deal with rival Electronic Arts.