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OnLive Filing For Bankruptcy



UPDATE 3: According to Engadget, OnLive has laid off “at least 50 percent of the staff, according to our source’s numbers.” It also reports that the layoffs are a “move that apparently comes as OnLive is being purchased by an unknown party. Those being kept on have reportedly received offer letters from the new company.”

UPDATE 2: Kotaku is reporting that OnLive is filing for bankruptcy and a new company is taking it’s place. An OnLive spokesperson maintains that the OnLive service, which enables people to stream games to their computers and tablets without the need for dedicated hardware, will continue. Sources at the company say everyone employed knew things were tight. This morning, an all-hands meeting was called at 10 a.m. where CEO Steve Perlman said that OnLive would be filing for ABC bankruptcy in the state of California — a status that affords them a level of protection from creditors. Perlman also said that the company as it stands now would cease to exist and that no one would be employed by OnLive. A subset of employees would be brought on to the company created from the remains of OnLive.

UPDATE: OnLive’s Brian Jaquet has reached out to several outlets and confirmed OnLive would not be shutting down. However, he neither confirmed nor denied whether OnLive’s employees had laid off.

Brian Fargo, who initially broke the news on Twitter, said that a later email from his source had been “recalled.”

Read the original post below.

The cloud-based gaming service known as OnLive had a shakeup today, fighting rumors that it was shutting down. Brian Fargo from inExile says he received an email from an OnLive employee which read:

“I wanted to send a note that by the end of the day today, OnLive as an entity will no longer exist. Unfortunately, my job and everyone else’s was included. A new company will be formed and the management of the company will be in contact with you about the current initiatives in place, including the titles that will remain on the service.

It has been an absolute pleasure working with you and I’m sure our path with cross again.”

Mashable has also corroborated the email, saying “According to a source close to the situation, the company called an all hands meeting at 10am PDT, at which the entire staff was fired. Some staffers may be rehired as the company transitions to its next unknown iteration.”

This is a developing story so we will update as soon as we know more.

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