Veoh No Mo'
After blowing through $70 million in start-up capital, Southern California-based video site Veoh laid off its remaining staff on Wednesday and plans to file for bankruptcy in the near future, according to Peter Kafka at All Things Digital.
On his website, Veoh founder and CEO Dmitry Shapiro cited a protracted battle legal battle with Universal Music Group as the reason for the company’s decline.
“Two years ago, Universal Music Group (UMG), the largest music company in the world sued Veoh alleging copyright infringement.
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