The Other Bolt Drops
By jason - up to 2007 (archived) • Feb 13th, 2007 • Category: News for Creatives (archives)Right after announcing they’ve sold themselves to cover their Warner Music bill, Bolt.com is in similar negotiations with Universal. The New York Times quotes a representative of Universal:
“The copyright law doesn’t give people the right to engage in the massive infringement of our content to build a thriving business and then, after the fact, avoid exposure by saying they will prospectively start to filter…”
But here’s the interesting part. This caption defines who GoFish is, the smaller rival of Bolt.com, who just bailed them out:
“GoFish was started in 2005 by Global Asset Capital, a venture capital firm. Last year it went public through a procedure known as a reverse merger, under which it was acquired by a company that had publicly traded shares but no operations. Despite virtually no revenue, it has a market value of $134 million.”
What we are witnessing is a turf between venture capitalists, not a fight for copyright protection. From The New York Times
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