Report: OnLive Sold for $4.8 Million

October 10, 2012 -

Here's an entry in the epilogue for OnLive - or at least what used to be OnLive - before it was sold to a holding company owned by Silicon Valley venture capitalist Gary Lauder. According to a report in the Mercury News, the cloud-based gaming service was sold to Lauder for a little under $5 million USD. Lauder reportedly paid $4.8 million for OnLive as part of an insolvency process this summer.

At the same time the company had an outstanding debt of $18.7 million, excluding what it owed on future leases and contractual obligations. And of course, investors who gave the company more than $40 million (AT&T, HTC and other major investors) accepted that they had taken a bath and would not be seeing a return on that investment...

You can read the entire fascinating report here.

Source: Mercury News


 
Forgot your password?
Username :
Password :

Poll

Is King right? Should all games adopt the free-to-play model?:
 

Be Heard - Contact Your Politician