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@ 2012/10/11Cloud video gaming service OnLive was sold to a venture capital group for just $4.8m (£3m), it has emerged.
The sale - which also involved many of the company's workers losing their jobs, and investors writing off their stakes - took place in August.
Analysts had previously discussed the business being worth as much as $1.8bn. Its rival, Gaikai, was sold to Sony for $380m in July.
Creditors were told efforts to secure a higher price might have backfired.
OnLive's founder, Steve Perlman, left the firm shortly after the deal. However, Lauder Partners continues to offer the service in the US, UK and Belgium.
The sale - which also involved many of the company's workers losing their jobs, and investors writing off their stakes - took place in August.
Analysts had previously discussed the business being worth as much as $1.8bn. Its rival, Gaikai, was sold to Sony for $380m in July.
Creditors were told efforts to secure a higher price might have backfired.
OnLive's founder, Steve Perlman, left the firm shortly after the deal. However, Lauder Partners continues to offer the service in the US, UK and Belgium.
why Belgium?