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GigaOm powers down after eight years as it is unable to pay its creditors

GigaOm

Pioneering tech news website GigaOm has shut down after starting out in 2006 after it was unable to pay off its creditors. GigaOm was started by journalist-turned-venture capitalist Om Malik. The website on Tuesday had a message for its readers:

A brief note on our company

Gigaom recently became unable to pay its creditors in full at this time. As a result, the company is working with its creditors that have rights to all of the company’s assets as their collateral. All operations have ceased. We do not know at this time what the lenders intend to do with the assets or if there will be any future operations using those assets. The company does not currently intend to file bankruptcy. We would like to take a moment and thank our readers and our community for supporting us all along.

— Gigaom management

GigOm for all purposes seemed to be successful and claimed well over 6 million monthly readers, was staffed by more than 70 employees, and had its own research platform. Om Malik, its founder, said he had left the company in 2014 and that its assets are now controlled by the company’s lenders. Here’s what he had to say on his website:

There will be time for postmortems, but not today. Today, I want to thank all the people who make (and have helped make) Gigaom. Their role in this journey was what really made it all worth it. They are great people and they will all do great work wherever they go. I want to thank our investors who believed in the business long before it became fashionable. And most importantly, I want to thank you dear readers for coming along on this trip of a lifetime.

Twitter still seems to be recovering from the loss of one of their favourite tech blogs:

GigaOm media correspondent Mathew Ingram spoke to the Columbia Journalism Review and said that the employees were given no indication that the website would be shut down.

We did get a new CEO [Michael Rolnick] recently, so I think people thought maybe there needed to be some changes—maybe some strategic changes—but there was literally no talk of even layoffs.There was no talk of having to cut back. There were no austerity measures. We just got a phone call Monday afternoon saying “Be on the phone in an hour.” And the CEO said they were shutting it down and we were all out of work.

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ