San Diego
– Struggling video hosting service Veoh laid off its remaining employees on
Wednesday and plans to file for Ch. 7 bankruptcy protections in the near
future, All Things D reported, citing unnamed sources. The company had been
seeking additional financing or a buyer, but those plans apparently collapsed
in recent weeks, the sources said.
San Diego-based Veoh started off as
a user-generated video site, but more recently looked to focus on licensing
professionally-produced content.
The company went through a round of layoffs
last year that saw a third of its staff let go.
Veoh raised a total of $70 million
in venture capital, from investors including Time Warner, Goldman Sachs, Intel
Capital, Spark Capital and former Disney CEO Michael Eisner.
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