Revver Available for Pocket Change?

CNET’s reports that ailing video-sharing site Revver is looking to sell itself. Sources close to Revver reportedly told that the current asking price is in the $300,000-$500,000 range plus the assumption of Revver’s roughly $1 million in debt.

Revver hoped to gain prominence in the YouTube-dominated online video world by paying the folks who posted videos on the site a share of the ad revenues generated from their postings. Contributors could choose to have their videos available online, on mobile devices and on television. Something must have gone wrong with its business plan because it managed to burn through more than $12 million in venture funding in its short life.

When approached by regarding the rumors, a Revver executive declined to comment.