Cyberbiz Brief

The founders of Gen-Y news and entertainment destination venture are in the middle of trying to keep the site from flaming out.

After recently running out of funds to pay its editorial staffers and holding off for weeks to pay freelancers, the company’s CEO Rich Battista and prexy and chief operating officer Michael Dowling are in talks with several firms to take over the dot-com.

Although roughly 30 staffers at the Marina del Rey-based venture were told Tuesday that they no longer would be paid, Battista told Daily Variety that, “We are in deep negotiations with several companies to be acquired. We’re excited about the conversations we’re having. Our doors are still open. It’s business as usual.”

While that may be true, the site has not featured daily news stories in nearly a week, nor have the sites the company has inked syndication deals with. Site was launched last year.

Battista declined to comment on the lack of funding or any layoffs that may have occurred. No severance packages have yet to be issued to any affected individuals.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0