Wednesday, June 30, 2010
Report: Move Networks Shuts Down, Seeking Sale
Streaming video technology firm Move Networks--which apparently moved to Irvine sometime over the last year from Utah after a management shakeout--is reportedly shutting down, and by some reports is now looking for a buyer. The firm, which was started by Novell founder Drew Major, had been backed by Benchmark Capital, Cisco Corp., Comcast Interactive Capital, Hummer Winblad Venture Partners, Microsoft Corp., and Steamboat Ventures. The firm had been providing streaming HD video to a number of major online properties, including Fox, ABC, the CW, and Discovery, but dropped off the map last year. The shutdown report came from research firm The Diffusion Group, which said Move had shut down after CEO Roxanne Austin resigned from the firm and the firm pulled out of an industry conference. Austin was the former President of DirecTV.