Rovio sells its animation unit to startup
Rovio Entertainment Oy, maker of the Angry Birds mobile games and movie, sold parts of its business to Kaiken Entertainment, a startup led by former chief executive officer Mikael Hed and other company veterans.
Kaiken purchased Rovio's TV animation studio in Vancouver, the company's book publishing business and certain non-Angry Birds properties. Financial terms are unknown.
The sale was part of a reorganization at Rovio, which was planning to cut almost 10pc of its payroll, up to 35 jobs, as part of a restructuring aimed at reviving growth.
The company has struggled to come up with new material to match the success of its best-known game title.
Based in Espoo, Finland, Rovio will keep its movie-making studio, which is making the planned Angry Birds film sequel. (Bloomberg)