Shiny Media goes into administration
by Rebecca Burn-Callander - Tuesday, 21st July 2009 -
Co-founder Katie Lee announces that Shiny Media has gone into administration on Twitter. The blog network may already be under new ownership.
Shiny Media launched in 2004 as the UK's first blog network. By 2007, Shiny Media had raised $4.5m from VC firm Bright Station and was turning over just under £1m.
However, reports at the end of last year stated that the firm had hit hard times. Katie Lee and Chris Price denied that Shiny Media was in trouble, stating: “Revenue is going up month on month and traffic has increased 26 per cent over the last 12 months. So it seems ‘rumours of our death’ - to paraphrase Mark Twain - have been greatly exaggerated.”
Neverthless, a number of its most popular sites, including the unofficial Chelsea, Manchester United, Arsenal and Spurs football blogs, have been inactive for almost a year.
Katie Lee posted this tweet on her Twitter account earlier today: "Looks like everyone knows Shiny Media has gone into administration. Still not entirely sure what's going on tbh. Sorry for all writers.” Rumour has it that a new buyer has already been lined up. More news on the Shiny Media acquisition as soon as we have it.
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Related tags: tweet, rumours, twitter, media acquisition, shiny media, manchester united, cobra beer, shiny media acquisition, katie lee, mark twain, blogs, traffic,
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