Thanks Dazzla for posting this on our forums.
LONDON--(BUSINESS WIRE)--Sept. 20, 2002--As part of a strategic redirection of its game development investments, Nintendo announces it has sold its 49 percent ownership position in U.K.-based developer Rare, Ltd.
"Nintendo had the ability to continue its exclusive relationship with Rare, but in looking at the company"s recent track record, it became clear that its value to the future of Nintendo would be limited," says Peter MacDougall, executive vice president, sales and marketing, Nintendo of America. "In other words, we passed on this opportunity for very good business reasons."
In fiscal year 2001, Rare accounted for only 9.5 percent of total Nintendo software sales worldwide. In fiscal year 2002, that number declined to 1.5 percent.
Nintendo will retain exclusive rights for all original properties and franchises featured in games developed by Rare, including Donkey Kong®, Diddy Kong® and Star Fox®.