ManiaTV on the Block
Online video network ManiaTV has put itself up for sale, and needs to find a buyer within the next two weeks to continue its current operations, as was first reported by Daisy Whitney at TVWeek on Wednesday. The Los Angeles-based company retained investment bank Updata Advisors to solicit acquirers late last year, ManiaTV CEO Peter Hoskins told Whitney.
It’s expected that the company will go for cheap. According to our sources, the value in ManiaTV may be more in its video-serving infrastructure than its content library, though its gaming shows are popular. In September the gaming show Arcade had 40 percent of ManiaTV’s 4.7 million visitors, according to comScore (episode embedded above).
Founded way back in 2004, ManiaTV has tried a number of strategies, including live streaming, soliciting user-generated content, making original content, being an ad network, and hanging on the leather coattails of Dave Navarro (and formerly Tom Green). In October the company laid off 20 of 70 employees and said it would reduce its investment in original content in favor of distributing other people’s content. That was at a time when many people were making layoffs, including competitors Revision3 and Crackle.
ManiaTV has raised $26 million from Benchmark Capital, Centennial Ventures, Intel, DAG Ventures and Comerica Bank, though we hear the urgency of the current situation may have stemmed from some of that funding falling through.
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[...] off 15 of its 33 employees as the company preps itself for a sale, reports TheDeal.com. As we wrote last Thursday, ManiaTV had given itself two weeks to find a buyer in order to continue its current operations. [...]
[...] at most, according to laid-off employees. At least 15 more were let go this Tuesday as the company rushes to close a sale. This came after investors decided to pull out at the beginning of the month, and on the heels a [...]
[...] at most, according to laid-off employees. At least 15 more were let go this Tuesday as the company rushes to close a sale. This came after investors decided to pull out at the beginning of the month, and on the heels a [...]
[...] operations today, NewTeeVee has confirmed. The final shutdown was expected, as ManiaTV had publicly rushed to find a buyer in recent weeks. The urgency came due to an investor pulling out, according to our [...]
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