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Report: BitTorrent laying off 22 percent of staff

Valleywag says the company is cutting its entire sales and marketing team due to a deal for its Torrent Entertainment Network falling through.

Things aren't going so good over at file-sharing wunderkind, BitTorrent.

According to a report on Valleywag Wednesday, BitTorrent is laying off its entire sales and marketing department, 12 people out of the company's entire staff of 55.

"The immediate cause of the layoffs," according to Valleywag, is "a failure to sell the Torrent Entertainment Network, BitTorrent's attempt at an online media store, to Best Buy for a rumored $15 million."

The story goes on to state that a source told Valleywag that the Torrent Entertainment Network sale fell apart due to the FCC weighing in recently on file sharing.

BitTorrent wasn't immediately available for comment.