Move Networks Lays Off Entire Staff

Move Networks has laid off its entire staff today, with only CFO Jamie Harper remaining, I've learned. Move, which had raised approximately $70 million to date was once a high-flyer in the online video space, powering ABC, Fox and other premium content sites' video.

However, as I've written, with advances in adaptive bit rate streaming from competitors and plunging delivery pricing from CDNs, Move shifted away from this market to instead become a white-label solution for companies looking to deliver multichannel lineups exclusively through broadband infrastructure. This followed its acquisition of Inuk Networks.

Move was apparently trying to raise another $30 million but this didn't come to fruition. Move is the third big crater in the online video space, following Joost and Veoh. I've left a voice mail for Jamie Harper and am also digging around for additional details.

Update: Move has posted a press release which says the company "intends to retain a financial advisor to assist the Company in evaluating strategic alternatives, including a possible sale of the Company." The release also confirms that Roxanne Austin, CEO and President has stepped down, and says that Marcus Liassides will be elevated to President. More updates as they happen.

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Categories: Technology

Topics: Move Networks