Last week there was buzz that Free Radical, the studio that brought us Haze and Timesplitters, was the object of "significant interest" for a buyout. The news came out that they had gone into administration, which is generally the last step before a takeover. However, we didn't hear anything from the developer's side of the table as to whether or not the company was willing to make itself a target for acquistion. Today that changes.

Play.tm is reporting that a mind-boggling 75% of Free Radical's employees have either been laid off, or will find themselves laid off in the beginning of 2009 as the company officially prepares itself for sale. Founder Steve Ellis has already started a new company, Pumpkin Beach, and is taking some of the Free Radical team with him. Between layoffs and resignations, 140 people have lost jobs with Free Radical, with only 40 remaining.

No word on the future of Free Radical's IPs, including the already announced Timesplitters 4, nor on any bids on the ailing developer. With the economy the way it is right now, I'm sure we haven't heard the last on this one.

[Source]

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