Bolt, an online video startup that’s been made an example of by Universal Music Group, is selling out to publicly traded online video company GoFish for $30 million in stock. Get the full take on NewTeeVee.
Bolt CEO Aaron Cohen and president Jay Gould are also involved in a new project, called WikiYou, which has received seed funding from First Round Capital and Mayfield Fund.
I remember when Bolt was a teen portal site back in 2000 competing against IGN even though IGN was primarily focused the young gaming male population. Not bad for a company that has changed its business model a couple times and one that’s under a legal problems.
At some point, any exit is a good exit. I think this is one of those examples. Given that the CEO etc are interested in running a new start-up, clearly their heart wasn’t in this in the first place, especially with the law suite hanging over their head.