German developer Crytek (Far Cry, Crysis) have saved the remainder of Free Radical Designs that went into administration late last year. Currently Free Radical employs 40 people, but writer Rob Yescombe who leaked information on the buyout prior to its announcement expressed hopes that some or most of the staff would be re-employed.
Apart from the physical studio and the employees Crytek also picks up the rights to Second Sight and Timesplitters. The fourth installation of the latter was in development as Free Radical went into administration and chances are it will now be put back on track. From Crytek's perspective adding development experience on consoles seems like a smart move. Free Radical Design becomes the fourth Crytek studio, with Crytek having studios in Budapest, Hungary (Crysis: Warhead) and Kiev, Ukraine on top of their main location in Frankfurt, Germany.