Icarus Studios, which is based in Cary, is merging with a Silicon Valley-based game studio Zabu Studio under the majority ownership of the National Entertainment Collectibles Association.

The deal was announced Thursday. Financial details were not disclosed.

The new venture is called MFV. It will be based in Cary, but an operation will continue in Silicon Valley, the companies said.

MFV is about much more than game development and technology, however.

“As a result of the merger and combination of both studios’ seasoned teams with NECA/WizKids’ extensive catalog of intellectual properties, MFV’s portfolio, assets and capabilities position the new company to lead the way in the growing market integrating physical products with interactive content,” the companies declared in a statement.

MFV also is working on a new product titled HeroClix TabApp, which is designed for play on Apple’s iPad.

Icarus Studios is led by Phil Hall. A year ago, Icarus sold its best-known game, “Fallen Earth.”

Milton Soong, chief executive officer at Zabu, will serve as CEO of the combined venture.