As the OnLive storm continues to ride itself out, details of who the winners and losers are (mainly losers) keep washing up on the shore. Today's casualty seems to be CEO Steve Perlman himself, who -- just days after the firm reinventing itself -- is "departing to work on his myriad of other projects." In his place the former COO, Charlie Jablonski, is temporarily taking the reins, as well as continuing his role as head of operations in the new organization. Finally, completing this wave of announcements, is the news that chief investor, Gary lauder, will officially take the title of Chairman. So, as the new incarnation settles into its new structure, we'll just have to sit tight, waiting to see what the next chapter in the OnLive story is.
Continue reading More OnLive management moves: Perlman out, as investor Lauder settles for Chairman
More OnLive management moves: Perlman out, as investor Lauder settles for Chairman originally appeared on Engadget on Tue, 28 Aug 2012 08:43:00 EDT. Please see our terms for use of feeds.
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Looks like consumers are about to get another option in their search for an affordable connected TV solution: Hisense is building its own Google TV set-top box. The product doesn't have a price -- let alone a name -- but will sell for under $100 when it hits shelves later this year. "Hisense adds even more innovation to the growing list of Google TV-powered devices available around the world." Says Google TV partner manager Mickey Kim. "We're working closely with partners like Hisense to bring services from Google and multiple other providers to your TV with an experience tailored for the living room." Details are scarce, but the outfit promises to reveal more at IFA next week. Can't wait? Check out Vizio's Co-Star.
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Hisense building budget-friendly Google TV set-top box, will put Android in your living room for under $100 originally appeared on Engadget on Sat, 25 Aug 2012 03:45:00 EDT. Please see our terms for use of feeds.
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BT thinks that it's "highly likely" it'll let its 2.6 percent stake in OnLive go to the wall. It told TechRadar that it was keeping a "close eye" on the gaming venture which is restructuring in the face of spiraling debt costs. The telecoms provider has promised that its customers will be able to access the service (for as long as it exists, we guess) and that the investment is a small enough figure that it won't be worrying too much about its balance sheet.
BT planning to write off 2.6 percent stake in troubled OnLive originally appeared on Engadget on Tue, 21 Aug 2012 16:05:00 EDT. Please see our terms for use of feeds.
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As cloud-based gaming service OnLive struggles to reform itself and cope with its pricey infrastructure, HTC's $40 million investment made last year will disappear completely, according to a recent filing to the Taiwan Stock exchange. OnLive began streaming its gaming selection to Android smartphones and tablets at the end of the same year but we never saw any exclusive features for HTC hardware. Following some tough financial results, it packed up its Korean office and recently returned half its stake in Beats, although its involvement with OnLive had never resulted in the same degree of publicity.
Filed under: Cellphones, Gaming, Tablet PCs
HTC to lose its $40 million investment from OnLive's financial restructuring originally appeared on Engadget on Mon, 20 Aug 2012 03:30:00 EDT. Please see our terms for use of feeds.
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Amid the rumors, sourced reports and statements, it was easy to lose track of the facts surrounding OnLive's recent restructuring efforts. No surprise then, that the newly formed outfit has issued a press release and FAQ (after the break) in hopes will clear things up. First and foremost, the firm reiterates that the streaming game service will continue operating uninterrupted, and that the "newly formed company" that acquired the firm's assets will continue to do business under the OnLive name. The announcement also mentions the Assignment for the Benefit of Creditors (ABC) process OnLive used to settle its debts, noting that "an affiliate" of Lauder Partners, a technology investment firm, was the new OnLive's first investor. Finally, the firm laments the necessity of laying off its staff, stating that "neither OnLive, Inc. shares nor OnLive staff could transfer under this type of transaction," confirming that nearly half of the previous staff had been offered positions at the new company, and optimistically projecting future hires culled from both previous and new employees. The new OnLive calls the asset acquisition "a heartbreaking transition for everyone involved," but looks optimistically to a future of "transforming the OnLive vision into reality." Check out OnLive's full, official word on the matter below.
OnLive officially announces asset acquisition, notes that its newly formed company will keep OnLive name originally appeared on Engadget on Sun, 19 Aug 2012 22:45:00 EDT. Please see our terms for use of feeds.
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The news is out. OnLive, Inc. is no more, having cut the bulk of its workforce loose and used an Assignment for the Benefit of Creditors (ABC) to absolve itself of massive debts incurred by the expansion of its services without a corresponding increase in its customer base. But what is this alternative to filing for bankruptcy, and why did OnLive choose this particular legal reset button to start over? We spoke with an expert on the matter, Martin Pichinson, co-founder and managing member of Sherwood Partners (which does two or three ABCs in a given week), to help educate us on this little-known tool used by companies irrevocably in the red.
Filed under: Gaming
OnLive's alternative to bankruptcy: just what is an Assignment for the Benefit of Creditors? originally appeared on Engadget on Sat, 18 Aug 2012 13:00:00 EDT. Please see our terms for use of feeds.
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OnLive has finally issued an official statement after rumors of mass layoffs first leaked out earlier today, confirming that its assets have been acquired into a newly-formed company with what it claims is "substantial" financial backing. The big news for users is that the OnLive Game and Desktop services will remain operational and continue to be supported. The release also claims a "large percentage" of OnLive staff is being hired into the new company with plans to hire more over time, while PR informs us the leadership team remains intact. Check the words straight from the source after the break.
We've heard from some of the people present for the meeting where the new plan was revealed today, confirming the company is going through a process known as Assignment for the Benefit of Creditors (ABC). A faster alternative to bankruptcy that doesn't involve the courts, it allows OnLive to deal with some of the issues it was facing, most notably an oversupply of servers for the number of users it had signed up. The ABC process allows OnLive to be unshackled from the expensive server contracts and bring in a new source of venture capital. Oh and that other major cost, the employees? Not all of the information is known yet, but beyond the loss of jobs, it turns out the stock they owned was in a company that no longer exists. We're hearing their benefits will end after August, however there are offers of contracts to answer questions about important topics like "where things are," in exchange for special form stock in the new venture.
Update: Joystiq has more information from a former employee, who estimated the average number of peak concurrent OnLive users at around 1,800 or so, and the amount of retained staff in the range of 20 percent. One other tidbit? The source expects OnLive to go after recent Sony acquisition Gaikai for infringement of a game streaming patent, so stay tuned.
OnLive hits reset after being dragged down by expensive servers, confirms service will continue originally appeared on Engadget on Fri, 17 Aug 2012 20:06:00 EDT. Please see our terms for use of feeds.
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After a lot of back and forth from the rumor mill and official OnLive channels, we now have what we believe to be a far clearer view of precisely what is happening right now at OnLive headquarters in Palo Alto. We've spoken with a (now former) employee of the gaming service who ran down today's events for us. According to the account, a meeting was held at OnLive's offices at 10AM this morning, wherein the company's CEO announced a massive staff layoff -- at least 50 percent of the staff, according to our source's numbers. The layoffs come as part of across the board cuts to the company, and all those out of a job will have their key cards deactivated as of 4PM local time today. The source was understandably baffled by the abruptness of the news, along with the added blow that no severance will be offered and stock holdings are essentially worth nothing.
The move apparently comes as OnLive is being purchased by an unknown party. Those being kept on have reportedly received offer letters from the new company. Why the sudden move? The source believes it may have something to do with the company's massive operating costs, which we're told are around $5 million a month. Certainly those concerns line up with a story dug up by Kotaku highlighting the company's plans to file for Assignment for the Benefit of Creditors as a result of the company's troubled financial situation. We're still gathering information as to the nature of the buyout. We've been promised more information on this topic soon -- naturally we'll be bringing it to you as soon as we get it.
Source: OnLive undergoing buyout in wake of dire financials, laying off 'at least 50 percent' of staff originally appeared on Engadget on Fri, 17 Aug 2012 17:47:00 EDT. Please see our terms for use of feeds.
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After a lot of back and forth from the rumor mill and official OnLive channels, we now have what we believe to be a far clearer view of precisely what is happening right now at OnLive headquarters in Palo Alto. We've spoken with a (now former) employee of the gaming service who ran down today's events for us. According to the account, a meeting was held at OnLive's offices at 10AM this morning, wherein the company's CEO announced a massive staff layoff -- at least 50 percent of the staff, according to our source's numbers. The layoffs come as part of across the board cuts to the company, and all those out of a job will have their key cards deactivated as of 4PM local time today. The source was understandably baffled by the abruptness of the news, along with the added blow that no severance will be offered and stock holdings are essentially worth nothing.
The move apparently comes as OnLive is being purchased by an unknown party. Those being kept on have reportedly received offer letters from the new company. Why the sudden move? The source believes it may have something to do with the company's massive operating costs, which we're told are around $5 million a month. Certainly those concerns line up with a story dug up by Kotaku highlighting the company's plans to file for Assignment for the Benefit of Creditors as a result of the company's troubled financial situation. We're still gathering information as to the nature of the buyout.
Update: According to our source, the writing wasn't on the wall at the company per se, but OnLive had reportedly been entertaining acquisition offers ahead of the news from companies including HP.
Update 2: Our source has offered up some additional information on the matter, putting the average concurrent user number for the service at 1,100 to 1,500, peaking at around 1,800 on a given day -- not exceptional by any means in the face of reported $5 million a month operating costs. The number of layoffs, meanwhile, may well be greater than originally suggested, with our source putting the number of employees staying on board at around 10 to 20 percent.
Filed under: Gaming
Source: OnLive undergoing buyout in wake of dire financials, laying off 'at least 50 percent' of staff originally appeared on Engadget on Fri, 17 Aug 2012 17:47:00 EDT. Please see our terms for use of feeds.
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