Employment Contract when Company is Sold

I have an employment contract with a subsidary of a large corporation. The contract term was for 3 years. I have 8 months remaining on the term. Two months ago, my employer excerised it's right to not renew my contract at it's end. Under this clause, I am to remain in their employ but stay at home with no further duties. They continue to pay me every two weeks and I have medical benefits. My contract provided for such benefits in the event they chose not to renew my contract.

I found out today that they are selling the subsidary. Is the new company responsible for payments to the end of my contract or is the old corporation responsible. The officers of the large corporation signed the contract.

The short answer is yes but read up on TUPE. This link (thanks to ajapale) from this old thread should tell you what you need to know.