Revver falling into hard times

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Online video site Revver made a name for itself by paying video producers for their content hosted has now fallen into hard times. The company staff has been dwindled to less than half the size it was just 18 months ago, according to CNET.

Now, rumours are flying that the company is running out of money and it has also came out that Revver was trying to sell itself for months. It’s asking price is $300,000 and $500,000 with the assumption that the company’s debt around $1 million. The sum is tiny according to technology analysts, as Revver rasised $12.7 million in venture funding.

The blog Contentinople reported last month that a network of entertainment sites called LiveUniverse had agree to acquire the site. LiveUniverse is owned by Brad Greenspan, the MySpace founder.

The deal never materialized, with a source said that negotiations stalled after Greenspan began to “drive down the price” and that Revver’s debt was an issue to them.

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