By: Staff Reports
Tribune Ventures Among Shareholders
(The Hollywood Reporter) Webcaster Pseudo Programs Inc. is set to cease operations after laying off its 175 employees Monday as last-ditch efforts to keep the company afloat faltered.
After stalling a planned staff meeting to extend talks with investors and bankers, Pseudo CEO David Bohrman called staff to the content portal’s lower Manhattan offices late Monday and told them, “As of today, we are all former Pseudo employees.”
Pseudo’s shareholders, including new-media investors Intel Capital, Tribune Ventures and Sycamore Ventures, may still seek a buyer for the streaming media pioneer – but the owners are believed to hold little hope the company can be saved. During the staff meeting, Bohrman said he was still trying “to pull a rabbit out of the hat,” according to staffers present.
Copyright 2000, Editor & Publisher.