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BT says it is 'highly likely' to write off OnLive investment

Telecoms company its share "does not represent a significant investment"

BT has said it is "highly likely" that it will write off its 2.6 per cent stake in cloud gaming service OnLive.

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Speaking to TechRadar a spokesperson for the company said it is "keeping a close eye on developments".

"Questions should be directed to the company in question. BT customers who are customers of OnLive will continue to be able to access the service.

"In any event, the 2.6 per cent shareholding in OnLive does not represent a significant investment for BT as a whole.

"We consider it highly likely that we'll have to write off our investment."

Following reports of layoff and closure, OnLive's director of corporate communications Brian Jaquet said: "We are not going out of business". It was later revealed OnLive had been sold to a 'newly-formed company'.

Yesterday OnLive revealed it has 1.5 million active users, it's "growing rapidly" and expected to continue to do so under new company.

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