By: Staff Reports Troubled Online Syndicator Was In Chapter 11
YellowBrix Inc. of Alexandria, Va., said Monday it will buy the
assets of troubled iSyndicate Inc., which had sought Chapter 11
bankruptcy protection, for an undisclosed amount. YellowBrix said
the cash portion of the acquisition is being financed by existing
YellowBrix investors led by George Soros' Quantum Industrial
Partners.
The deal has been approved by the boards of directors at both
companies, but must still be approved by a federal bankruptcy
court.
YellowBrix said it would retain the iSyndicate brand, and that no
layoffs are expected. ISyndicate fired nearly 160 workers in
April, and currently has about 40 employees, according to the
San Francisco Chronicle. The company syndicates news from
hundreds of sources to Web sites and corporate intranets.
YellowBrix provides online content technology, including tools
that aggregate and distribute news and information to Web sites
and wireless devices.
A note on the iSyndicate Web site tells customers that operations
will continue as normal.
Related stories:
SCREAMINGMEDIA, ISYNDICATE REPORTEDLY IN TALKS (04/26/01)
ISYNDICATE CUTS 50% OF STAFF (04/12/01)
BERTELSMANN, ISYNDICATE FORM JOINT VENTURE (09/26/00)
Copyright 2001, Editor & Publisher.
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