We now have some official word on the OnLive situation that began to occur towards the end of last week. The public disruptions that the company faced involved figuring out an alternative to bankruptcy, supposedly premature rumors of the company’s demise and a round of layoffs that some sources cite as claiming the jobs of at least half of the OnLive staff. Apparently the reports of OnLive’s death weren’t entirely unfounded, but not in the manner that anybody at first expected.
For customers of the instant cloud-streaming service, the good news is that OnLive has continued to operate in all of its forms with no downtime or hiccups of any description and should continue to do so. However, due to the nature of the Assignment for the Benefit of Collectors that OnLive enacted, a newly formed company has been sold all of OnLive’s assets and services. That new company has continued those services and will proceed to carry on doing so under the OnLive name. If you’re having trouble keeping up, don’t worry, it’s basically a legal process that is being streamlined so as not to confuse the customers who know nothing about what’s going on; OnLive is going to be spending a lot of time sorting its money problems out, so they’ve given everything they currently have to a new company who have similarly called themselves OnLive.
Additionally, although we initially discovered that only about half of the original OnLive staff have been picked up by this new company, those that have not yet been hired will be receiving offers to do some consulting work. Some may yet be re-hired as the new company looks to expand by picking up ex-employees and new employees alike.
OnLive, Inc closed out with the following statement:
The asset acquisition, although a heartbreaking transition for everyone involved with OnLive, allows the company’s core innovation and ongoing offerings–the product of over a decade of hard work transforming the OnLive vision into reality–to survive—and continue to evolve.
It’s always good to know that the people going through hard times are getting some help and as we mentioned previously, hopefully everybody who has suffered due to this whole debacle will find themselves back on their feet soon enough.
It’s unlikely that any word will be coming out of OnLive, Inc. in the future but if so, from either them or their successors, you can be sure we’ll be covering it here at OWNT.
Billy is 21 years old, enjoys dumb stuff and has a tendency to write when he isn’t busy welcoming our inevitable zombie/robot/alien overlords.
