OnLive was reportedly sold for roughly $5 million to venture capital firm
Source: http://www.engadget.com/2012/10/10/onlive-reportedly-sold-for-roughly-5-million/
Even though weeks have passed since that well-documented OnLive kerfuffle took place, where unfortunate layoffs and the formation of a "new company" were at the forefront of it all, previously unknown details are still coming out of the woodwork. According to Mercury News, the once-promising cloud gaming outfit was purchased by a venture capital group for a mere $4.8 million, which appears to be a relatively small amount of cash for an outfit once valued upwards of $1.8 billion -- not to mention when compared to, say, rival Gaikai's $380 million sale to Sony. Still, this is said to have been due to the bad shape OnLive was in at the time, with the Palo Alto-based company reportedly owing more than $18 million in debt, leaving it with no choice but to take "the best that it could get."
OnLive was reportedly sold for roughly $5 million to venture capital firm originally appeared on Engadget on Wed, 10 Oct 2012 21:40:00 EDT. Please see our te! rms for use of feeds.
Permalink |
Mercury News | Email this | Comments
Posts
