Although the vice president of GameTap had recently stated that things were going great despite the entire editorial team being laid off, it looks like parent company Turner Broadcasting System didn’t share a similarly positive outlook, as it has reportedly decided to sell off the online game service.

A financial report from Time Warner (the parent parent company of GameTap) released today stated that, "The current year quarter included an $18 million noncash impairment of GameTap as a result of Turner's decision to sell its online videogame business.” Ouch.

The ever positive GameTap doesn’t seem too fazed by this decision, though. “There is considerable marketplace interest in the GameTap business and brand. We are considering various strategic options but have reached no final agreement as yet. When there is a resolution, we will announce it,” a brave-faced representative told Edge Online.

Considering GameTap’s size, catalog, and potential I do find it pretty likely that someone will scoop it up eventually. I guess we’ll just have to wait and see which entity decides to make the purchase, and what sort of changes might be forthcoming.

[Thanks, Joe]