Online video site MeeVee scouting for a buyer
The Burlingame, Calif.-based company, which has raised $25 million, says in a press release that it's already in talks with several potential suitors.
MeeVee, an online directory of TV listings and Internet video, has run into trouble in the crowded Web entertainment market.
The Burlingame, Calif.-based company announced in a press release late Monday that it is looking for an acquirer; and that it's already in talks with several potential suitors. The company would likely need to fetch a sizable price, considering that it's raised as much as $25 million in the last three years from venture capitalists including Walden Venture Capital and Labrador Ventures.
"Due to accelerated development of the online entertainment market, the board of directors at contact e-mail for interested parties.has determined that combining with an established player will maximize the potential for the community, technology, and content relationships the company has built," according to a statement from the company. It included a
The sale could signal a comingin the online video business, which has seen tens to hundreds of YouTube wannabes surface in recent years. Already a handful of video-related companies have closed shop, and there will likely be many more in down economy. Stage6, for example, an online video-sharing site, shuttered its doors in February. Revver, another video sharing site, was for pennies on the dollar in recent months.
A call to MeeVee for comment was not immediately returned. The company's other investors include Bay Area Equity Fund and Edmond de Rothschild Venture Capital.
According to the company's statement, MeeVee.com drew more than 1.1 million unique users in March, more than double its numbers in August. It employs 7 full-time people in products and engineering.