Atari Corp.'s Reverse Merger With JT Storage Inc.
By 1996, a series of successful lawsuits followed by profitable investments had left Atari with millions of dollars in the bank, but the failure of the Lynx and Jaguar left Atari without any products to sell. In addition, Tramiel and his family wanted out. The result was a rapid succession of changes in ownership. In July 1996, Atari merged with JTS Inc., a short-lived maker of hard disk drives, to form JTS Corp. Atari's role in the new company largely became a holder for the Atari properties and minor support; consequently the name largely disappeared from the market.
In March 1998, JTS sold the Atari name and assets to Hasbro Interactive for $5 million—less than a fifth of what Warner Communications had paid 22 years earlier. This transaction primarily involved the brand and intellectual property, which now fell under the Atari Interactive division of Hasbro Interactive.
Read more about this topic: Atari Corporation
Famous quotes containing the words reverse and/or storage:
“They shall beat their swords into plowshares, and their spears into pruninghooks: nation shall not lift up sword against nation, neither shall they learn war any more.”
—Bible: Hebrew Isaiah, 2:4.
The words reappear in Micah 4:3, and the reverse injunction is made in Joel 3:10 (”Beat your plowshares into swords ...”)
“Many of our houses, both public and private, with their almost innumerable apartments, their huge halls and their cellars for the storage of wines and other munitions of peace, appear to me extravagantly large for their inhabitants. They are so vast and magnificent that the latter seem to be only vermin which infest them.”
—Henry David Thoreau (1817–1862)