Read it Retro Studios Bought Out
Nintendo now fully owns the Metroid Prime developer.
May 02, 2002 - Today it was announced that Nintendo has bought Dallas, Texas based developer Retro Studios, now a wholly owned subsidiary. The company, formerly owned by Jeff Spangenberg, is underway with one of Nintendo fans most hotly anticipated GameCube titles, Metroid Prime.
Nintendo purchased the remaining 55 million shares for a sum of $1 million. Previously Nintendo owned 15 million shares, a 21.4% stake in the company, with the majority ownership being held by Mr. Spangenberg. The official statement from Nintendo is as follows:
"Nintendo has become the majority owner of Retro Studios by purchasing shares from now former owner Jeff Spangenberg.
Spangenberg desired to pursue other business interests, and opportunity to become majority owner made itself available. Nintendo's belief in the talent of the company's 40-member development team and their excellent work on Metroid Prime, to be released later this year, led to this decision.
We look forward to our continued work with the team."
Japanese news source Nikkei Net also indicates that Nintendo reportedly said it chose to obtain full ownership in a bid to boost Retro's software developing capacity.
We'll have more on the situation as it develops.
this is SWEEEET!