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Titus Hands Over Interplay's Distribution Business To Vivendi

In an attempt to turn around Interplay, majority shareholder Titus Interactive has signed a deal with Vivendi to distribute Interplay console games in the U.S., claiming it will save it $10 million annually in marketing and distribution expenses.
Titus executives said that Interplay will focus on creating games from now on, rather than distributing them. "This deal will enable us to reduce staff in marketing and distribution which will lead to a reduction in fixed costs of around $10 million per year," Titus released in a statement. Earlier this month, Titus increased its stake in Interplay to 51%, giving it control over the troubled U.S. publisher. Late last week, after Interplay revealed worse-than-expected losses for the second fiscal quarter, Titus shares plunged almost 50% and trading was halted on the French company's stock. Titus said that Interplay's losses will have a "significant" impact on its own profitability, since Interplay financials have been consolidated in Titus Interactive's accounts since November 1999.

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