wraggster
August 20th, 2012, 18:48
50 per cent of staff laid off as former investor takes full control
Investment group Lauder Partners is the new owner of cloud gaming service OnLive.
The cloud streaming outfit was acquired last Friday, amidst confusion over whether the company had been shut down.
Instead the firm was acquired by Lauder Partners, which had been an original investor in OnLive in 2009.
50 per cent of employees at the company have been retained, or “re-hired”, whilst the other half have been let go.
Laid off staff were described in a press release as “non-hired”, whilst it was confirmed that all staff have lost shares in the company, as old stock is now considered worthless.
http://www.develop-online.net/news/41754/OnLive-reveals-new-owner-as-Lauder-Partners
Investment group Lauder Partners is the new owner of cloud gaming service OnLive.
The cloud streaming outfit was acquired last Friday, amidst confusion over whether the company had been shut down.
Instead the firm was acquired by Lauder Partners, which had been an original investor in OnLive in 2009.
50 per cent of employees at the company have been retained, or “re-hired”, whilst the other half have been let go.
Laid off staff were described in a press release as “non-hired”, whilst it was confirmed that all staff have lost shares in the company, as old stock is now considered worthless.
http://www.develop-online.net/news/41754/OnLive-reveals-new-owner-as-Lauder-Partners