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Perfect World founder seeks to take the company private
Perfect World may be going private in the future, if its founder and chairman of the board Michael Yufeng Chi has anything to say about it. Chi submitted a proposal on December 31st of last year to buy up all remaining shares of the studio. He already owns some of the company's stocks, although it is unclear what percentage he has. The company has put together a committee to evaluate the proposal. Perfect World is the Chinese parent company of North America's Perfect World Entertainment, which in turn oversees Cryptic Studios. It recently appointed Yunfan Zhang as its new COO.
Perfect World acquires Cryptic Studios
We've been on pins and needles since Atari announced two weeks ago that it was planning to sell off Cryptic Studios. Champions Online and Star Trek Online players were worried about the future of their titles, generating many rumors as to what might happen next . Today, we know the answer. Perfect World Company has inked a deal to purchase Cryptic from Atari. Euro Investor has the full agreement between the two companies, which details the specifics of this $50+ million purchase. The Chinese firm, which already has a host of MMOs under its umbrella, is taking over 100% of Cryptic's equity from Atari. Perfect World's Michael Chi thinks that this will give the company more credence in the western market: "We are very pleased to sign the agreement to acquire Cryptic Studios. This strategic acquisition will add attractive game titles to our portfolio, which will help us further penetrate into the U.S. and global online game markets. More importantly, Cryptic Studios' highly reputable development team and its technology platform will further strengthen our well-established R&D capabilities. We deem this as another noteworthy achievement of our global expansion efforts." Hopefully, this deal will mean nothing but good things for Cryptic, which is also deep into development with Neverwinter. [Thanks to everyone who sent this in!]
Perfect World Entertainment surpasses market expectations
Perhaps the belief that free-to-play games are bad and do not make money is unfounded. If you asked anyone with stock in Perfect World Entertainment, he would tell you that F2P is where it's at. The creator of the Perfect World International and Forsaken World has stunned the market as it reported a 15% revenue increase last quarter (January 2011 to March 2011) over last year (January 2010 to March 2010.) However, the biggest surprise is the amount of profit the company generated. The 110% growth over last year greatly surpassed the high-end expectations of the company itself. CEO Michael Chi attributed the stellar growth to the recent release of Forsaken World and Empire of the Immortals. But the profit is due to more than the entry of these two games into the market. "At the same time, we also experienced lower sales and marketing expenses as we did not have as many new launches as we did in the previous quarter. All of these factors contributed to our strong bottom-line growth in the first quarter," Chi explains in a Gamasutra article. Perfect World Entertainment hopes for continued growth as it continues to solidify its place in the F2P market with more games coming soon.
