(Posted by: Kyle)
Mashable reported today that Veoh, the once major competitor to YouTube, has filed for chapter 7 bankruptcy. This is somewhat suprising considering at one point the web-video start up had raised more than $70 million from such backers as Goldman Sachs, Time Warner and Spark Capital who all wanted get in on the web-video craze after Google bought YouTube for $1.6 billion back in 2006.
We'd heard rumors over the past year that Veoh had begun restructuring and was looking to sell, but apparently no one was interested buying the site. Veoh will now undergo formal liquidation under chapter 7.
We'd heard rumors over the past year that Veoh had begun restructuring and was looking to sell, but apparently no one was interested buying the site. Veoh will now undergo formal liquidation under chapter 7.
