The cloud gaming service OnLive has had a hell of a day today. This morning, employees attended a meeting where CEO Steve Perlman advised that the company will cease to exist in its current state and would file for a bankruptcy alternate called an Assignment for the Benefit of Creditors. Employees were then laid off, but OnLive did state that the service would continue.
Then this evening, OnLive issued a statement that the company has been acquired by a newly formed company. The statement also said that the new company will hire staff to accommodate all positions needed to keep OnLive up and running. It's been speculated that the mass layoff was to make the company a more equitable to the company that's buying OnLive.
We'll see how this plays out for OnLive, and when the name for the buyer will be revealed.