Aiming to unlock value built through a string of successful acquisitions, RealNetworks Inc. has unveiled plans to spin off its lucrative casual games business and possibly take the unit public.

The Seattle-based company, best known for its Rhapsody music service and RealPlayer audio and video tool, said Thursday it would either execute a direct spinoff of the casual games division or conduct an initial public offering followed by a spinoff. It has hired Lehman Brothers Inc. to advise it on the move.

RealNetworks introduced RealArcade in 2001 and has built the division through acquisitions. Its largest purchase was in 2004, when it acquired GameHouse, a publisher and distributor of downloadable video games, for $35.6 million in cash and stock. GameHouse gave RealNetworks the ability to produce its own games, which has proved to be an important element in its success.

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