|Atari sells Cryptic Studios to Chinese MMO publisher|
|Posted: 31.05.2011 17:24 by JonahFalcon||Comments: 1|
Atari has announced that it has sold Cryptic Studios, developer of City of Heroes, Champions Online and Star Trek Online, for $50M to Perfect World Entertainment, a major Chinese-based MMO publisher, best known for such MMOs as Perfect World, Ether Saga Online and Jade Dynasty. Cryptic had originally purchased Cryptic for $27M.
Perfect World CEO Michael Chi stated that the purchase would help Perfect World, already a giant in Asia, to establish a presence in the Western MMO community, "This strategic acquisition will add attractive game titles to our portfolio, which will help us further penetrate into the US and global online game markets. More importantly, Cryptic Studios highly reputable development team and its technology platform will further strengthen our well-established R&D capabilities."
Cryptic Studios made $23M in the last financial year at a $7.5M loss, which was proof of improvement after an $18M loss the year before. Atari had announced they'd " " themselves of Cryptic a two weeks ago.