Sony Computer Entertainment has announced it will acquire cloud-based gaming service Gaikai for approximately $380 million.
According to the official press release the acquisition was cemented on June 30, 2012 and will allow an array of content, including high-end games, to be streamed to "a range of internet enabled devices".
Talk of Sony branching out into cloud-based gaming first began shortly before E3, when reports suggested it was looking into acquiring either Gaikai or OnLive.
The $380 million deal is significantly lower than the $500 million Gaikai was reported to be seeking last month.
Gaikai also recently signed a deal with Samsung to bring a "console-like experience" to its smart TVs.
Sony Computer Entertainment president, Andrew House said of the deal:
"By combining Gaikai's resources including its technological strength and engineering talent with SCE's extensive game platform knowledge and experience, SCE will provide users with unparalleled cloud entertainment experiences.
"SCE will deliver a world-class cloud-streaming service that allows users to instantly enjoy a broad array of content ranging from immersive core games with rich graphics to casual content anytime, anywhere on a variety of internet-connected devices."
Gaikai CEO David Perry added: "SCE has built an incredible brand with PlayStation and has earned the respect of countless millions of gamers worldwide.
"We're honored to be able to help SCE rapidly harness the power of the interactive cloud and to continue to grow their ecosystem, to empower developers with new capabilities, to dramatically improve the reach of exciting content and to bring breathtaking new experiences to users worldwide.
"We expect this will be incredible news for all our partners as we will be able to unlock AAA console gaming from the cloud, with the full support of Sony."