True Games Interactive, an Orange Country, CA-based online multiplayer game developer, has sold an 80 percent majority stake to Indian media conglomerate UTV Software Communications... The acquisition has been done through its UK-based subsidiary IG Interactive Entertainment, the company announced (PDF link). True Games was founded earlier this year, and plans to release its first title in the beginning of 2009.

UTV also plans to increase its stake in Ignition Entertainment from 70 percent to 95 percent for $8 million. It had acquired a 70 percent stake in 2006 for $13.3 million in the UK based gaming company. More details on the story here on ContentSutra.