GameTap is a great online service allowing access to a plethora of classic arcade, console and PC games. More recently, they’ve been delving into the realms of episodic gaming, publishing two seasons of Sam and Max as well as their new effort, American McGee’s Grimm, while simultaneous re-releasing some of the latest PC titles, circa 2006/2007. Gamers have access to all of this content through a monthly subscription of only $10. Visit the site and you’ll see what a bargain that really is.

Time Warner and parent company, Turner, however, have decided to put GameTap up for sale. No real reason is given, except for the fact that the three-year old service may not be performing to their liking. Signs of such sentiments are to be found in the closure of GameTap’s editorial division as well as the cancellation of GameTap TV, both of which offered original content while covering the world of video games.

A spokeperson said, regarding the sale: “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.”

Hopefully it finds a good home.