OnLive sells itself and raises funding in bid to avoid bankruptcy

OnLive has sold itself to a “newly-formed” company and made the majority of its staff redundant as it struggles to avoid bankruptcy amid reports of rising server costs and slowing user growth. The deal sees OnLive sell its assets to the new company, which is not named but will continue to operate the game streaming service under the OnLive name. The firm says the move will not affect OnLive’s 1.5m active users or 2.5m subscribers. OnLive has also landed new funding from previous investor Lauder Partners, although it does not disclose the amount. The firm is hoping to raise further backing that it will use to hire back a “large percentage” of the staff it was forced to cut.

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