Veoh Plans for Bankruptcy

The online video company Veoh Networks Inc. plans to file for Chapter 7 Bankruptcy, according to the site's founder and CEO Dmitry Shapiro this past Thursday. Veoh, which was launched in 2005 and boasted an average of 28 million users per month, was a rival to Google Inc's YouTube. The site raised US$70 million from investors but couldn't generate enough cash to stay profitable after a costly legal battle with Universal Music Group, and the company's assets will be liquidated with proceeds used to repay creditors.

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Web Video Service to Liquidate, Founder Says