trending / - - - - - - - - -

trending / playstation 4 - ni no kuni - halo - wii u - bungie interview - ces top picks - radeon hd 7850 - woods pga tour

OnLive Formed into New Company

/ Aug 20th, 2012 No Comments


OnLive revealed the commpany dissolved and its assets have been sold to a third party.

The process, known as assignment for the benefit of creditors, is a common business practice used to avoid bankruptcy. Under those procedures, a neutral party will be assigned to sell off the company’s assets.

The new company will continue to operate under the OnLive name. All existing services will continue uninterrupted. Those services include the OnLive Game and Desktop Services, the OnLive Devices and Apps, and OnLive partnerships.

Many employees of OnLive were attacking the company and alleged the business screwed them over. Restructuring as a new company is a way for OnLive to stop the criticism.

Much of the OnLive staff was let go as a corresponding move but the company said that almost half of its staff were given employment opportunities with the newly formed company. No OnLive staff or OnLive shares could transfer as part of the proceedings. More of the laid off employees could potentially be hired back with the new company if it is able to acquire additional funding.

An affiliate of Lauder Partners is the first investor confirmed to be involved in the newly formed OnLive. Lauder Partners previously invested in the original OnLive in 2009.

OnLive is a service that allows users to log into a cloud-based system to play high-end games or use apps on devices such as low-end computers and iPads via streaming. The service is available in many forms including as a small console-style system and as an application for televisions and tablets.

The cost of the sale was not disclosed. The service was once valued at $1.8 billion but it is doubtful the company sold for that much. The company revealed it has a subscriber base of 2.5 million, with 1.5 million of those active. For a company that has been operating for two years, those numbers are relatively low.

Ryan Bloom

Ryan Bloom

Chief Editor at Gaming Illustrated
Ryan Bloom is a writer and avid gamer from Orange County. He received a B.A. in Communications with a minor in American Studies from California State University, Fullerton in 2010. Follow him on Twitter @BloomsTweets.
Ryan Bloom

tags: , , , ,

Related Posts

The Swords of Ditto

New Releases: Week of 4/22/18

Apr 22nd, 2018No Comments

Grand Summoners x Kill La Kill Collaboration Available Now

Grand Summoners x Kill La Kill Collaboration Available Now

Apr 20th, 2018No Comments

Sega Announces the Mega Drive Mini

Apr 20th, 2018No Comments

Black Ops 4

Report: Black Ops 4 Won’t Have Single-Player Campaign

Apr 18th, 2018No Comments

Top Articles

bestjett buyeww 909661657 link

besttrew buyhfgh 909661657 link

bestavbe buydfgss 909661657 link

bestjett buyeww 7497174140 link

besttrew buyhfgh 7497174140 link

bestavbe buydfgss 7497174140 link

bestjett buyeww 4440730809 link

besttrew buyhfgh 4440730809 link

bestavbe buydfgss 4440730809 link

bestjett buyeww 6172454726 link

besttrew buyhfgh 6172454726 link

bestavbe buydfgss 6172454726 link

bestjett buyeww 6109694351 link

besttrew buyhfgh 6109694351 link

bestavbe buydfgss 6109694351 link