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Tech News Site GigaOm Will Shut Down Amid Financial Woes

10 March 2015, 9:30 am EDT By Nicole Arce Tech Times
WATCH RELATED VIDEO
Om Malik’s GigaOm, one of the first technology news websites that first gained prominence in 2008, is closing down. The website says it has been unable to pay its creditors, which have taken GigaOm’s assets as collateral. Operations have ceased, and no word has been made if creditors plan on launching operations using GigaOm’s assets.   ( Joi Ito | Flickr )

"Good night sweetheart, I still love you!"

That is what GigaOm founder now venture capitalist Om Malik wrote on his personal website following news of the technology website's shutting down. Although Malik left GigaOm in 2014 after the website raised $8 million in a funding round including Shea Ventures, True Ventures, Alloy Ventures, and Reed Elsevier Ventures, Malik says GigaOm still lives in his heart.

"GigaOm is winding down and its assets are now controlled by the company's lenders," Malik says on his website. "It is not how you want the story of a company you founded to end."

The website is still available on https://gigaom.com, with its home page featuring the latest news about the Apple Watch. It is, however, no longer getting updated with new stories from its writers for its 6.5 million readers.

On its About page, GigaOm says it is unable to pay its creditors in full and has turned over its assets to its lenders as collateral, although the website does not know what the lenders intend to do with those assets or if there is any hope of future operations coming back. GigaOm has laid off its around 20 writers and editors but says it has no plans of filing for bankruptcy.

"There will be time for post-mortems but not today," says Malik. "Today, I want to thank all the people who make (and have helped make) GigaOm. Their role in this journey was what really made it all worth it. They are great people and they will all do great work wherever they go."

On Twitter, GigaOm managing editor and digital publishing reporter Laura Hazard Owen asked media outlets to hire GigaOm writers, posting a brief summary of qualifications for each of them.

Other GigaOm staff have also taken to Twitter to express their sadness over the news, which they only learned about hours before the website's assets were taken over by creditors. They also expressed their gratitude to the readers who voiced their disbelief at the news that GigaOm, which has also ventured into research and events, will soon cease to exist.

Photo: Joi Ito | Flickr

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