Thursday, March 5, 2009

ManiaTV Shuts Down

Los Angeles-based ManiaTV has shut its doors, after failing to find a buyer, according to the firm. The firm was in the business of creating original web content and video shows, and had been looking to find a buyer for the firm in the last few weeks. A report in MediaWeek quoted a source saying that the shutdown came because Comerica bank pulled the firm's line of credit, in light of a "rapidly declining" ad business. A representative of the firm confirmed the shutdown. Last month, the firm's CEO, Peter Hoskins, told socalTECH that the "Most of what we do is consistently profitable, by design. We've transition from that early-stage startup, where a company uses investment capital--to being one very business minded, and thoughtful about how we spend our money--where we bring in more on a monthly basis than we spend."

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