Online video network ManiaTV has put itself up for sale, and needs to find a buyer within the next two weeks to continue its current operations, as was first reported by Daisy Whitney at TVWeek on Wednesday. The Los Angeles-based company retained investment bank Updata Advisors to solicit acquirers late last year, ManiaTV CEO Peter Hoskins told Whitney.
It’s expected that the company will go for cheap. According to our sources, the value in ManiaTV may be more in its video-serving infrastructure than its content library, though its gaming shows are popular. In September the gaming show Arcade had 40 percent of ManiaTV’s 4.7 million visitors, according to comScore (episode embedded above).
Founded way back in 2004, ManiaTV has tried a number of strategies, including live streaming, soliciting user-generated content, making original content, being an ad network, and hanging on the leather coattails of Dave Navarro (and formerly Tom Green). In October the company laid off 20 of 70 employees and said it would reduce its investment in original content in favor of distributing other people’s content. That was at a time when many people were making layoffs, including competitors Revision3 and Crackle.
ManiaTV has raised $26 million from Benchmark Capital, Centennial Ventures, Intel, DAG Ventures and Comerica Bank, though we hear the urgency of the current situation may have stemmed from some of that funding falling through.