Cloud video gaming service OnLive was sold to a venture capital group for just $4.8m, it has emerged.
According to San Jose Mercury News, the once-promising cloud gaming outfit was purchased by a venture capital group for a mere $4.8 million, which appears to be a relatively small amount of cash for an outfit once valued upwards of $1.8 billion — not to mention when compared to, say, rival Gaikai’s $380 million sale to Sony.
Still, this is said to have been due to the bad shape OnLive was in at the time, with the Palo Alto-based company reportedly owing more than $18 million in debt, leaving it with no choice but to take “the best that it could get.”
OnLive is one of the more popular cloud-gaming companies out there. The service allows players to play titles on-demand from their TV, PC, Mac, or tablet. The company offers many of today’s most popular games.