Veoh Networks Lays Off Remainder of Staff
Veoh is a no-go: Video site Veoh Networks laid off the remainder of its staff in preparation for filing for Chapter 7 bankruptcy protection, AllThingsD reported.
According to AllThingsD, Veoh spent $70 million in funding from investors including Goldman Sachs, Time Warner, Intel, Spark Capital, and former Disney CEO Michael Eisner.
The company’s last glimmer of hope came in September, when United States District Court for the Central District of California Judge A. Howard Matz rejected Universal Music Group’s copyright-infringement suit against Veoh.
AllThingsD said Veoh CEO Dmitry Shapiro would not comment, but he did tweet, “A bittersweet day.”
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