Veoh Networks to File for Bankruptcy

SAN DIEGO: The video-sharing website Veoh Networks is closing its operations and liquidating under bankruptcy protection.

The site, founded in 2004, was backed by a number of high-profile investors, including venture-capital operations of Goldman Sachs Group, Time Warner and Intel. Veoh also received funding from Michael Eisner’s Tornante. "The distraction of the legal battles, and the challenges of the broader macro-economic climate have led to our Chapter 7 bankruptcy," Dmitry Shapiro, the company’s founder and chief executive, wrote on his personal site. "This chapter of our lives has come to an end."