Turner looking to unload GameTap
Company to sell online videogame service
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News came along with Time Warner's earnings announcement Wednesday. Conglom noted it has taken an $18 million writedown on GameTap as it prepares to sell the service.
Launched in 2005 with major fanfare and a marketing budget reported at more than $50 million, GameTap originally offered hundreds of classic games playable on the Web for $10 per month. It has since grown to include more than 1,000 games, several of which made their debut on the site. It also attempted unsuccessfully to expand by briefly offering original videos and editorial content about videogames.
Turner never revealed subscriber or revenue numbers for GameTap. However, it's believed that while the service was moderately successful, it never grew as big as its parent company had hoped.
In addition, it was never successfully integrated with other Turner assets. Time Warner cable unit is cutting back on its Web brands this year, having recently shuttered comedy site SuperDeluxe.
A Turner spokesman said the company is "considering various strategic options" for GameTap and that there is "considerable marketplace interest," but it hasn't yet reached a final agreement.
As both videogame publishers and traditional media companies have recently been moving into online gaming, there are a number of potential suitors for GameTap.
