Phase2Media files for bankruptcy

Phase2Media, an online advertising, sales and marketing company, filed for bankruptcy protection in a New York state court last week, according to court documents. The New York-based company, which filed chapter 11 in the Southern District of New York court, has been scaling back operations in the last month. The filing comes four months after the company withdrew its request with the Securities and Exchange Commission to sell shares publicly. Phase2Media, which hawked ad inventory for such sites as American Express and Brittanica.com, is the latest Internet company to fall during a stagnant online advertising market.