Earlier this year, MMO developer Red 5 Studios announced a restructuring that caused a large number of its employees to be laid off. A few weeks later, Chinese game publisher The9 was reported to be putting in a large amount of money into Red 5 Studios. Today Red 5 Studios and The9 confirmed that The9 has bought a majority stake in Red 5 Studios to the tune of $20 million.

As we have reported before, Red 5 Studios was formed several years ago by former members of Blizzard's World of Warcraft team. However the studio has yet to release its first game. However the newly relaunched company web site has posted up some fairly generic fantasy looking concept art which they say is from their upcoming title.