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Tech Site Gigaom Ceases Operations

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Tech Site Gigaom Ceases Operations

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Gigaom is shutting down due to financial issues after 8-plus years of acclaimed reporting and influential commentary on the technology industry.

The tech site posted the following notice to readers(Opens in a new window) on Monday:

“Gigaom recently became unable to pay its creditors in full at this time. As a result, the company is working with its creditors that have rights to all of the company’s assets as their collateral. All operations have ceased. We do not know at this time what the lenders intend to do with the assets or if there will be any future operations using those assets. The company does not currently intend to file bankruptcy. We would like to take a moment and thank our readers and our community for supporting us all along.”

As of Monday evening, Gigaom.com(Opens in a new window) was still live, with headlines teasing the morning’s MacBook and Apple Watch announcements and other recent news featured prominently.

But at around 8:30 p.m. ET, senior reporter Stacy Higginbotham tweeted that the company was now controlled by creditors represented by Silicon Valley Bank:

Kara Swisher of Re/code said Monday evening(Opens in a new window) that she had reached out to Gigaom founder Om Malik, but he declined to comment on goings-on at the publication.

Gigaom “recently hired new management, including an interim CEO,” according to Swisher.

Swisher noted that the departure of executive editor Tom Krazit last month may have been a signal that all was not right on the Gigaom ship. She also reported that it was unclear what would happen to Gigaom’s non-Web news ventures, which include the Gigaom Roadmap tech conference which PCMag has covered in past years.

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Source link : https://www.pcmag.com/news/tech-site-gigaom-ceases-operations