(via IPDemocracy) Movielink, the online movie service owned by five major studios, is off the auction block for now, according to this story in TheDeal. Rumors of a sale have been swirling arround the LA-based firm for some time now, but this story says that after six months, the company’s financial adviser took it off the block and the company decided to stick with its growth plan.
It seems as if Movielink had been shopped to strategic buyers rather than financial firms, but among the potential players interested in the future could be Yahoo, Google (?) or MSN.
Each of the five investors committed $30 million to Movielink for a 20% share of the venture. The joint venture was launched in November 2002. According to a filing by MGM with the SEC, the film company had invested $20.2 million as of Dec. 31, 2004. The film houses must commit the $30 million by August 2006.
Related:
—Is Movielink Up For Sale?
—Piracy Fears Limit Film Downloads From Movielink
—Movielink Does Not Violate Anti-Trust