Video - Monday, February 12, 2007
Hiding From Universal's Lawyers, Bolt Sells To GoFish For $30M
Legal issues surrounding file sharing continue to be the prime mover in the sector. Super popular video sharing site Bolt has agreed to sell itself to a smaller but publicly traded rival GoFish. Bolt needs the cash to pay for a settlement that apparently it has agreed to with Universal.
In December, Comscore said Bolt had 5.3M users in the US. Bolt claims it had revenue of $7M last year. GoFish, in contrast had virtually no revenues last year. GoFish was started in 2005 by Global Asset Capital, a VC firm. It went public last year via a reverse merger. Prior to buying Bolt it had a market value of $134M.
Read - Universal Near Deal With Video Site on Royalties (NY Times)
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