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BT prepared to write off OnLive investment

BT prepared to write off OnLive investment

Tue 21 Aug 2012 7:28am GMT / 3:28am EDT / 12:28am PDT
Business

Telecoms operator says 2.6% stake is not "significant"

UK telecoms company BT has told press that it's prepared to write off its investment in OnLive, which amounts to a 2.6 per cent stake in the company.

OnLive drastically restructured at the end of last week in what appeared to be a pre-packaged management buyout, citing high server costs and low subscriber numbers.

Speaking to TechRadar, a BT representative said that, whilst it was "highly likely" that its investment would be written off, it did not represent a significant financial tie.

"Questions should be directed to the company in question. BT customers who are customers of OnLive will continue to be able to access the service," the spokesperson explained.

"In any event, the 2.6 per cent shareholding in OnLive does not represent a significant investment for BT as a whole.

"We consider it highly likely that we'll have to write off our investment."

The news comes after Taiwanese mobile manufacturer HTC yesterday revealed that it would be losing the $40 million which it had invested in OnLive.

2 Comments

Andrew Lee Pearson Studying Game Designer, Train2Game

24 1 0.0
Just purely going off experiences playing with friends online on non OnLive games. Broadband connections currently aren't stable or fast enough for Streaming services. BT announced years ago that they were going to lay all these super lines, then some time after that they said to the government please help us we can't afford to do it without help, which never came.

Posted:2 years ago

#1

Emily Rose Freelance Artist

83 41 0.5
Such a shame, the rewards of being first to succeed are matched by the risk of being too early :(

Posted:2 years ago

#2

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