Red 5 lands $23 million, plans to launch Firefall in 2014

Newsbrief: Today, Chinese game developer and operator The9 announced that Chinese media company Shanghai Oriental Pearl Culture Development Co., Ltd. has purchased a 20.01 percent stake in its U.S.-based studio Red 5 in a deal valued at $23 million. Red 5 is the developer of the free-to-play MMO shooter Firefall. The9 bought a majority stake in the studio for $20 million in 2010. Acting CEO James Macauley said in a statement that this investment "will offer us the means to execute on our plan for successfully launching Firefall in 2014." The game is currently in open beta. Red 5 lost its co-founder and original CEO Mark Kern in December 2013.