VIE meaning in Business ?

Answer:

What is Virgin Interactive Entertainment mean?

Virgin Interactive Entertainment (later renamed Avalon Interactive) was the video game publishing division of British conglomerate the Virgin Group. It was formed as Virgin Games in 1983. Initially built around a small development team called the Gang of Five, the company grew significantly after purchasing budget label Mastertronic in 1987.

Virgin was home to renowned developers who went on to create successful franchises with other studios like Westwood Studios (Command & Conquer series) and Shiny Entertainment (Earthworm Jim).As Virgin's video game division grew into a multimedia powerhouse, it crossed over to other industries from toys to film to education. To highlight its focus beyond video games and on multimedia, the publisher was renamed Virgin Interactive Entertainment in 1993.

As result of a growing trend throughout the 1990s of media companies, movie studios and telecom firms investing in video game makers to create new forms of entertainment, VIE became part of the entertainment industry after being acquired by media behemoths Blockbuster and Viacom, who were attracted by its edge in multimedia and CD-ROM-based software development. Being centrally located in close proximity to the thirty-mile zone and having access to the media content of its parent companies drew Virgin Interactive's U.S. division closer to Hollywood as it began developing sophisticated interactive games, leading to partnerships with Disney and other major studios on motion picture-based games such as The Lion King, Aladdin, RoboCop and The Terminator, in addition to being the publisher of popular titles from other companies like Capcom's Resident Evil series and Street Fighter Collection and id Software's Doom II in the European market.

VIE ceased to exist in mid-2003 after being acquired by French publisher Titus Software who rebranded them to Avalon Interactive in July of that year. The VIE library and intellectual properties are owned by Interplay Entertainment as a result of its acquisition of Titus. A close affiliate and successor of Spanish origin, Virgin Play, was formed in 2002 from the ashes of former Virgin Interactive's Spanish division and kept operating until it folded in 2009.

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