Dean Takahashi for VentureBeat:

The pioneering cloud gaming service OnLive confirmed today that its assets have been sold to a new company. The company will continue to operate its services during the transition and it is backed “by substantial funding,” said a spokeswoman for Steve Perlman, the chief executive of OnLive.“We can now confirm that the assets of OnLive, Inc. have been acquired into a newly formed company and is backed by substantial funding, and which will continue to operate the OnLive Game and Desktop services, as well as support all of OnLive’s apps and devices, as well as game, productivity and enterprise partnerships,” the company said in a statement.