OnLive sold for $4.8 Million

OnLive this week has sent a letter to it's creditors saying that it has been sold for a mere $4.8 Million dollars. This is a big drop as the streaming gaming service was once valued at more than a Billion dollars but thanks to a bunch of debt and slower than anticipated adoption OnLive really never took off like expected. The OnLive service will continue and it sounds like users won't notice much chance right away. TechSpot has the story.

A letter from OnLiveā€™s assignee that was sent to creditors reveals the company and all of its assets were sold for just $4.8 million. The document indicates the sale took place a few days before massive layoffs essentially gutted the streaming game company.