Nintendo Co. said it has sold its 49% stake in British video game developer Rare Ltd. to Microsoft Corp. for an undisclosed amount. The sale paves the way for Microsoft to acquire the remaining ownership from the studio's founders, Tim and Chris Stamper.
Microsoft, which makes the Xbox game console, has been seeking premium titles for its box, which has been suffering from a dearth of exclusive blockbuster titles since its launch last November. The overall deal is worth more than $300 million, according to sources close to the negotiations, and would give Microsoft the rights to "Perfect Dark," a popular game franchise. Microsoft declined to comment.
Nintendo's sale is unusual not only because the company sees Microsoft as a rival but also because of its close ties to Rare, a top-tier studio that has consistently produced hits for Nintendo's consoles.
Rare's titles include "Donkey Kong Country" and "Goldeneye."