Veoh Goes Down

Veoh Goes Down

Because of the economy and other problems, video sharing IT service Veoh that works on the Internet from IT company Veoh Networks Inc will no longer be available. The company has decided to file for bankruptcy protection and sell the business in order to pay its creditors. Veoh's founder and CEO, Dmitry Shapiro said that all the company's problems come from the legal battle with Universal.

Everyone with IT connectivity could use this IT service. Shapiro wrote in a blog post that "Two years ago, Universal Music Group (UMG), the largest music company in the world sued Veoh alleging copyright infringement. While we made every effort to convince them that we were not their enemy and had not infringed on their content, they pursued a relentless war of attrition against us in federal court." The IT company had to fire its staff and now its founder is looking for a buyer.