French video-games maker Titus Interactive SA said Tuesday it has initiated talks to sell its 34% stake in Interplay Entertainment Corp., the Irvine software game maker now in talks to be sold.
Titus said in a press release that its retail subsidiary Virgin Interactive will continue to distribute Interplay products in Europe. In the U.S., distribution has been assured for the past weeks by Titus' own local teams.
The Paris company, which lost $23.9 million for its last fiscal year and is expected to lose a similar amount in the fiscal year ending June 30, said no decision on the sale of its stake has been made yet.
On the basis of Interplay's closing share price of $2.63 Monday, Titus's stake in Interplay was valued at $33.7 million.
Titus also owns preferred convertible stock and warrants that bring its effective control of 25 million shares, or 66% of the company.