OnLive not dead - but assets sold to new owner

OnLive ended the guessing game about its future late Friday, confirming the sale of its assets to an unnamed suitor who will continue to offer its cloud gaming service.

For most of the day, the company remained incommunicado after reports circulated that it might have fired all of its employees and was prepping for a bankruptcy filing.

"We can now confirm that the assets of OnLive, Inc. have been acquired into a newly-formed company and is backed by substantial funding, and which will continue to operate the OnLive Game and Desktop services, as well as support all of OnLive's apps and devices, as well as game, productivity and enterprise partnerships," the company said in a statement. "The new company is hiring a large percentage of OnLive, Inc.'s staff across all departments and plans to continue to hire substantially more people, including additional OnLive employees. All previously announced products and services, including those in the works, will continue and there is no expected interruption of any OnLive services. We apologize that we were unable to comment on this transaction until it completed, and were limited to reporting on news related to OnLive's businesses. Now that the transaction is complete, we are able to make this statement."

It's unclear who the buyer is.

The company, which emerged in 2009 and launched the nex... [Read more]