Two weeks after GoFish terminated their deal to acquire Bolt.com the online video site has shut its doors. Bolt becomes the first, but likely not that last company to disintegrate following a costly settlement with a music company.
At the time of the settlement a Financial Times article noted:
Aaron Cohen, Bolt’s chief executive, said the agreement would allow the companies to work together to create programming and new content tailored to the internet.
So much for that. Bolt is now a smudge on Universal Music Group’s shoe. Another reason to take stock of the divergence of mainstream and social media and the need for new laws that make more sense in the new media environment.
[...] UMG filed briefs in their defense in the initial suit citing cases againstGrouper Crackle, Bolt (remember them?) and MySpace as precedent for dismissal, stating in a notice: Specifically, all of these actions [...]