GigaOm, the prominent U.S.-based tech blog founded by Om Malik, is shutting down due to its inability to pay back its creditors, the company announced in a note on the website. This will come as a major jot to the digital media community, considering that GigaOm is a prominent, well-regarded blog.
While talks about the blog shutting down had started quite a long time back on Twitter, the same was confirmed to day via a Company note. The note says,
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.
— Gigaom management
While the homepage continues to display and is updated with news from the just concluded Apple Event, it also shows the note written above.
GigaOm received instant appreciation and regard, just few months post its founding for its unique events + research + news business. The site was founded by OmMalik, and competed fairly with the likes of more heavily backed players like TechCrunch, Verge or <Re/code>. Om wrote on his website,
There will be time for postmortems, but not today. 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. I want to thank our investors who believed in the business long before it became fashionable. And most importantly, I want to thank you dear readers for coming along on this trip of a lifetime.
Om however, had left Gigaom, the company, over a year ago.
