Red 5 Nets $23 Million to Keep Firefall on Track for 2014

Firefall developer Red 5 received $23 million in a recent stock sale, allowing the developer to keep its MMO shooter Firefall on track for a 2014 release.

Red 5 and two shareholders agreed to sell a 20.01-percent minority stake in the company to Shanghai Oriental Pearl Culture Development Co. for about $23 million, according to a press release from Red 5 parent company The9. The press release says the Series B funding allows Red 5 to maintain is plans to release Firefall, which has officially been in development since 2010, later this year. Red 5 was founded in 2005.

According to a report from Polygon, the share deal with Oriental Pearl was initiated in October and finalized today.

Red 5′s board of directors recently ousted co-founder and former CEO Mark Kern, and posts appearing in places such as Reddit and Glass Door allege the company wasted development time and money under his leadership, instead investing in things such as Studio 5, a video production arm, and a Firefall-branded bus created by West Coast Customs.

Join the Conversation   

* required field

By submitting a comment here you grant GameFront a perpetual license to reproduce your words and name/web site in attribution. Inappropriate or irrelevant comments will be removed at an admin's discretion.

3 Comments on Red 5 Nets $23 Million to Keep Firefall on Track for 2014

MIke

On January 25, 2014 at 1:20 pm

Weird, all I’m getting on your more recent articles except this one are 502 Bad Gateway and web page encoding errors. Is it just me?

Phil Hornshaw

On January 25, 2014 at 1:28 pm

@Mike

I’m not having the same problem, but we had some weirdness going on yesterday. Maybe try clearing your cache?

Mike

On January 25, 2014 at 1:35 pm

There we go, fixed the problem. Now I am able to go and reinforce why I shouldn’t get Reaper of Souls.