Chinese online game developer and operator The9 has confirmed a non-binding investment agreement to sell 20 per cent of US subsidiary Red 5 Studios to Shanghai based Oriental Pearl for approximately US$24 million.
Red 5 developed the popular MMO shooter Firefall, and the IP is valued at US$100 million in the agreement between The9 and Oriental Pearl.
The9 acquired Red 5 in 2010 and if the deal closes, will retain a majority stake in the California studio.
