TOP NEWS Shuts Down

Los Angeles-based, an online site focused on "fan fiction"--fan created stories based on popular characters and movies--has shut down. According to a notice on FanLib's web site, the site will shut down on Monday, August 4th. No reason for the shutdown was given. Fanlib was backed by $3M in venture capital by H.I.G. Capital.'s Rafat Ali speculated in a story earlier today that a deal for Disney to purchase the site had fallen through; paidContent had reported a possible deal for the firm by Disney in June.