Entire CD-ROM division sold to Ubi Soft

Ubi Soft are now the proud owners of Interactive Magic's CD-ROM business, after a deal announced between the two companies today. The move will give Interactive Magic some much needed cash and help them re-focus entirely on their Internet business.

"This is an important step for Interactive Magic," said Interactive Magic's chairman Bill Stealey. "This transaction will strengthen our balance sheet with cash and will enable us to devote all our resources toward our high-growth Internet entertainment community business."

The deal leaves Interactive Magic with the online rights to their CD-ROM games. Terms of the deal were not disclosed.