Big Money Moves For Red 5 Studios & Firefall
The developers of the popular free MMOFPS game, Firefall, have just announced an initiative to sell $24 million of its stock to Shanghai Oriental Pearl Culture Development Ltd. The9, the parent company of Red 5 Studios, will hand over 20% of it’s shares if the move goes through. It’s not all that surprising that the developers are seeking new financial opportunities following the recent release of a lot of staff.
The value of the shares is based on a pre-money valuation of Red 5’s forthcoming online shooter, Firefall. According to a statement released today, Firefall is valued at $100 million.
The9 acquired a majority stake in Red 5 Studios – founded in 2005 by former Blizzard staff – in March 2010. The company announced Firefall in September 2010, but the game only entered open beta in July this year.
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