Infogrames buying Atari outright for $11 million
Infogrames announced that it will buy the remaining stock of Atari in an $11 million merger and will immediately lend $20 million to the company before the deal closes. Although it's been hard to distinguish the two companies, Infogrames only had a 51.4% controlling interest in Atari, which will now become a wholly owned subsidiary of Infogrames by the third (calendar) quarter.
Former Sony executive Phil Harrison, who is now Directeur Général Délégué at Infogrames, said a little while ago that we should think of Atari/Infogrames as a start-up ... and we're slowly getting there. With this merger opening up the full-on name change, along with the slew of new executives the company is collecting, the Atari/Infogrames we know now doesn't seem to be the Atari we'll know in a year. Whether any of this fixes the grim financial situation of the publisher, however? That's a story for another time.
