You will be redirected back to your article in seconds

GoFish acquisition of Bolt called off

Teen site's lawsuit from UMG is the reason

The planned acquisition of teen site Bolt by online-video company GoFish has been called off, as Bolt continues to face a lawsuit from Universal Music Group.

GoFish was to acquire Bolt for up to $30 million in stock and share revenue from a deal that would emerge from a potential settlement between Bolt and UMG.

Bolt was earlier thought to be in final settlement talks with UMG. But those talks fell through, and GoFish said it couldn’t proceed with a purchase without a settlement in place.

“As the overhanging lawsuits against Bolt represent too much of a liability for GoFish at this stage of the company’s growth, GoFish’s board of directors and its management have decided not to proceed with the merger,” company said in a statement.

Ironically, one rationale for the sale was that GoFish could help support Bolt in its legal battle.

Bolt was going to concentrate more on original production as a result of the sale, but those plans have now been shelved.

More Digital

  • VidAngel logo

    VidAngel Declares Bankruptcy to Put Copyright Fight on Hold

    The planned acquisition of teen site Bolt by online-video company GoFish has been called off, as Bolt continues to face a lawsuit from Universal Music Group. GoFish was to acquire Bolt for up to $30 million in stock and share revenue from a deal that would emerge from a potential settlement between Bolt and UMG. […]

  • Ricky Gervais

    Ricky Gervais on New SiriusXM Talk Show: They 'Made Me an Offer I Couldn't Refuse'

    The planned acquisition of teen site Bolt by online-video company GoFish has been called off, as Bolt continues to face a lawsuit from Universal Music Group. GoFish was to acquire Bolt for up to $30 million in stock and share revenue from a deal that would emerge from a potential settlement between Bolt and UMG. […]

  • PyeongChang Winter Olympics

    Discovery's Eurosport Pacts With Snapchat for 2018 Winter Olympics

    The planned acquisition of teen site Bolt by online-video company GoFish has been called off, as Bolt continues to face a lawsuit from Universal Music Group. GoFish was to acquire Bolt for up to $30 million in stock and share revenue from a deal that would emerge from a potential settlement between Bolt and UMG. […]

  • Jonah Peretti

    BuzzFeed CEO Jonah Peretti: Paywalls Are Bad for Democracy

    The planned acquisition of teen site Bolt by online-video company GoFish has been called off, as Bolt continues to face a lawsuit from Universal Music Group. GoFish was to acquire Bolt for up to $30 million in stock and share revenue from a deal that would emerge from a potential settlement between Bolt and UMG. […]

  • Vivendi's Dominique Delport Announces 5 Million

    Mipcom: Vivendi's Dominique Delport Announces 5 Million Subs for Studio +

    The planned acquisition of teen site Bolt by online-video company GoFish has been called off, as Bolt continues to face a lawsuit from Universal Music Group. GoFish was to acquire Bolt for up to $30 million in stock and share revenue from a deal that would emerge from a potential settlement between Bolt and UMG. […]

  • Facebook VP David Marcus

    Facebook VP David Marcus: A Small Number of Russian Accounts Used Messenger

    The planned acquisition of teen site Bolt by online-video company GoFish has been called off, as Bolt continues to face a lawsuit from Universal Music Group. GoFish was to acquire Bolt for up to $30 million in stock and share revenue from a deal that would emerge from a potential settlement between Bolt and UMG. […]

More From Our Brands

Access exclusive content