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OnLive reportedly sold, staff let go
Streaming service provider hits hard times
Posted by Alex 'SpectralShock' V on Aug 17, 2012 - 7:15pm EST (Aug 17, 2012 19:15)
OnLive let go at least 50 percent of its staff today, rumors indicate, and the company was purchased by an unknown third-party.
A former employee confirmed layoff reports that popped up earlier this afternoon and recounted the events that led to today's firings. A meeting held this morning by CEO Steve Perlman informed employees that at least 50 percent of the staff were to be cut, effective today. Employees affected in the layoffs are said to have not been offered severance.
Moreover, OnLive was bought out by an unknown third-party, and an unknown amount of employees will be offered jobs at the newly formed company. A former employee pointed out monthly operating costs of approximately $5 million as at least part of the reason the company was in financial trouble.
There has been no official confirmation of the news from OnLive.
OnLive is a company offering a cloud gaming platform and a cloud desktop solution. Both offerings are synchronized, rendered, and stored on remote servers and delivered via the Internet. Over 50 publishers have partnered with the company to provide in excess of 300 titles.