True Games Interactive Sells Majority Stake To India's UTV
This story was written by Rafat Ali.
True Games Interactive, an Orange Country, CA-based online multiplayer game developer, has sold an 80 percent majority stake to Indian media conglomerate UTV Software Communications The acquisition has been done through its UK-based subsidiary IG Intercative Entertainment, the company announced (PDF link). True Games was founded earlier this year, and plans to release its first title in the beginning of 2009.
UTV also plans to increase its stake in Ignition Entertainment from 70 per cent to 95 per cent for $8 million. It had acquired 70 percent stake in 2006 for $13.3 million in the UK based gaming company. More details on the story here on ContentSutra.
By Rafat Ali