New York - Media conglomerate Time Warner (NYSE: TWX) disclosed in its quarterly report that it now plans to sell off Turner Broadcasting's GameTap broadband video games service, a decision the company said in the report will cost it $18 million.

GameTap debuted in 2005 and was marketed with a reported budget of $50 million.

The site now offers some 1,000 games and related content, charging consumers $10 per month or $60 annually for the service.

GameTap in recent months has shuttered its editorial department, and discontinued its "Myst Online" game.

Time Warner did not name any prospective suitors for the company.

"There is considerable marketplace interest in the GameTap business and brand," a Turner representative told GameSpot.

"We are considering various strategic options but have reached no final agreement as yet. When there is a resolution, we will announce it."

Related Links:
http://www.variety.com/article/VR1117990171.html

http://www.gamespot.com/news/6195542.html

http://www.gametap.com