Thursday, May 8, 2008

RealNetworks Looks To Spin Off Casual Games Business

Seattle-based RealNetworks said Thursday that it plans to separate its global casual games business into an independent company, and may potentially first IPO up to 20% of the firm. According to a statement by RealNetworks Chairman and CEO Rob Glaser, the firm believes that spinning off the business will give it "the best opportunity to continue to flourish and lead." Real's casual gaming business had 2007 revenues of $108.5M, and revenues of $31.8M in the first quarter of 2008. RealNetworks did not give an exact time frame for the IPO and spinoff, however it said it expects to file appropriate documents with the SEC by the end of the year.