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Marvelous execs take pay cuts

Wed 27 Jan 2010 9:01am GMT / 4:01am EST / 1:01am PST
BusinessPublishing

Execs and CEO to reduce pay in bid to cut overheads

Key executive staff at Marvelous Entertainment are to take pay cuts, according to reports - a move which follows the company's selling of a 50 per cent stake in European publisher Rising Star Games earlier in the week.

Executive staff will take a 15-17 per cent cut in their salary, reports Siliconera, while directors are to be hit with a reduction of 25-43 per cent. The company's CEO is set to reduce his pay by 77 per cent.

The news of the pay cuts follows closely behind Marvelous's move to sell its 50 per cent stake in Rising Star Games to Japanese firm Intergrow.

According to reports, the company will now adopt a licensing model where companies can bid for publishing rights to its titles outside of Japan, although Rising Star will continue to publish its games in Europe.

The company is based in Japan with an additional headquarters located in California. It is most widely known for its Harvest Moon series, and also owns recording studio Delfi Sounds, animation group Artland and North American distributor Marvelous Entertainment USA.

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