As Crytek busies itself with high-profile title Crysis for Electronic Arts, Ubisoft has swooped in and snatched up the rights to the best selling Far Cry franchise.

Under the terms of the new deal with Crytek, Ubisoft will take ownership of all the existing Far Cry IP, as well as a perpetual license to use the version of the CryENGINE technology implemented in Far Cry.

The agreement means that Ubisoft will be able to develop sequels in the franchise - which has become a major property for the French publisher, with Far Cry Instincts Evolution (Xbox) and Far Cry Instincts Predator (Xbox 360) both shipping this week.

It also grants Ubisoft and its studios the ability to use the Far Cry engine to develop other titles, which is another string to the company's bow in development terms - with a statement this morning outlining the firm's enthusiasm about taking the engine "to the next level."

I'm sure Ubi broke out in a cold sweat when they heard Cry was working on a title for Electronic Arts, this should help some of their execs sleep better at night.

Far Cry Gets Pwned [Blue's News]