×
You will be redirected back to your article in seconds

BitTorrent Fires CEOs, Closes Los Angeles Studio, Shutters BitTorrent Now (EXCLUSIVE)

BitTorrent has fired its two co-CEOs Robert Delamar and Jeremy Johnson and laid of an unknown number of staffers, Variety has learned from multiple sources. BitTorrent CFO Dipak Joshi has stepped in as interim CEO.

The company is also closing its Los Angeles-based production studio and shuttering its BitTorrent Now video streaming efforts. This comes just months after BitTorrent announced a renewed focus on media under the leadership of Delamar and Johnson.

BitTorrent founder Bram Cohen laid out the changes in an email to staff earlier this week, according to a source, but layoffs apparently began as early as two weeks ago. In addition to being ousted as CEOs, Delamar and Johnson were also removed from the company’s board of directors.

The company had officially announced the appointment of Delamar and Johnson as new co-CEOs in April. At the time, the duo laid out a renewed focus on media production and distribution, which involved the opening of  a new Los Angeles-based production studio.

These efforts culminated in BitTorrent Now, an ad-supported music and video streaming platform that launched in June. BitTorrent Now built on the company’s efforts to strike media distribution deals with independent artists, but didn’t actually use BitTorrent’s P2P technology for streaming.

Insiders now say that the company spent millions of dollars on Now, with one source saying that spending was “out of control.”

This wouldn’t be the first time for BitTorrent to pull the plug on an ambitious and expensive media strategy: Back in 2008, the company shut down its BitTorrent Entertainment Store after spending millions for content from major Hollywood studios.

BitTorrent didn’t immediately respond to a request for comment.

 

More Digital

  • virtual reality

    How VR is Being Used to Help Children With Learning Disabilities, Autism

    The United States Department of Education is betting on virtual reality to help students with high-functioning autism and learning disabilities in schools across the country. This month the Office of Special Education and Programs announced its investment of $2.5 million toward a new program that will use VR to nurture social skills in students with [...]

  • Acorn TV

    AMC’s Best-of-British Streamer Acorn TV Launches in 30 New Territories

    Acorn TV launched in 30 new markets Tuesday, the biggest wave of international launches to date for the AMC-owned streaming service, which focuses on British and English-language drama. The platform is now live in Australia and New Zealand, India, Spain, the Nordics, the Benelux countries and South Africa. The international rollout started in June, when Acorn [...]

  • cinedigm

    Cinedigm Assembles Content Ahead of Bambu Launch

    Cinedigm, the operator of specialty OTT services in North America, has signed a deal with China’s Starrise Media to release several Starrise productions on its soon-to-launch Chinese content streaming service, Bambu. The company has also signed deals with Alibaba-owned Chinese streaming giant Youku to distribute 30 original Chinese feature films. The deal covers release on [...]

  • NBCU Reality Streaming Service Hayu Launches

    NBCU’s Reality Streaming Service Hayu Launches in Three New Territories (EXCLUSIVE)

    It’s easier to keep up with the Kardashians in the Belgium, the Netherlands, and Luxembourg after NBCUniversal launched its reality-TV streaming service, hayu, in those countries Tuesday. The service went live with about 6,000 episodes of unscripted fare from NBCUniversal’s lineup, including “Keeping Up With the Kardashians,” “Made in Chelsea” and “The Real Housewives” and [...]

  • Michael Uslan's U2K Becomes Asia-Hollywood Formats

    Michael Uslan's U2K Becomes Asia-Hollywood Formats Pipeline (EXCLUSIVE)

    Michael and David Uslan, the father and son producing team with credits that include “The Dark Knight” and “Sabrina: Secrets of a Teenage Witch” have struck a cluster of deals that makes them a two-way conduit for TV formats between Hollywood and Asia. U2K, a company that includes the Uslans and Jon Karas (“Believe in [...]

  • Dish Testing Flixpert Content Recommendation Service

    Dish Tests Movie Recommendations App Flixpert (EXCLUSIVE)

    Dish and its corporate sibling EchoStar have quietly been testing a movie recommendations platform called Flixpert, Variety has learned. Flixpert promises to help people find movies to watch through recommendations from friends and trusted contacts; Dish has been testing mobile apps for the service with a few hundred users. Online footprints suggest that Flixpert has [...]

  • Craig Hunegs WB

    Craig Hunegs to Exit Warner Bros. TV Group and Digital Networks (EXCLUSIVE)

    After nearly 25 years in the Warner Bros. family, Craig Hunegs is exiting his post as head of business for Warner Bros. TV Group and president of the studio’s digital networks wing. Hunegs said he has been discussing his exit with Warner Bros. chairman-CEO Kevin Tsujihara for the past several months. At a time of [...]

More From Our Brands

Access exclusive content