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Atari Officially Closes Sale Of  Champions Online  Developer Cryptic Studios
Atari Officially Closes Sale Of Champions Online Developer Cryptic Studios
August 9, 2011 | By Tom Curtis

August 9, 2011 | By Tom Curtis
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More: Console/PC, Social/Online, Business/Marketing

Today Atari announced that it has officially divested its interest in Champions Online developer Cryptic Studios, and that the developer is now wholly owned by major Chinese MMO company Perfect World.

Atari first revealed it planned to sell the studio in May of this year, and soon after Perfect World acquired a 100 percent equity interest in the studio, agreeing to pay Atari 35 million euros ($49.8 million).

Now that the sale is complete, Atari says it will use 21.6 million euros ($30.7 million) to pay down its debts to the BlueBay credit facility, and the balance will go toward the company's social and mobile initiatives, as well as licensing costs and other higher margin segments.

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