After a court decision yesterday, however, a brand new Pseudo may have a chance to pick up and start again.
In a move approved in bankruptcy court yesterday, fellow New York cybercaster INTV Inc. will buy Pseudo’s remaining assets for $2 million. Unlike many such purchases where a Web site’s remains are sold for scrap, INTV has announced it has every intention of getting Pseudo back on line.
“The content will still be biting, it’ll still be cutting edge,” INTV’s CEO Edward Salzano told the San Jose Mercury News. “We’re going to use Pseudo as a test platform to showcase new technology that’s proprietary and isn’t widely available.” Officials are shooting for a fall relaunch.
INTV general counsel Carlin Ross, tapped to head the company’s Pseudo Entertainment division, told the online publication atNewYork.com INTV will offer both free and subscription-based content on the new Pseudo.
“We have big plans for Pseudo,” she said. “We’ll do a lot of live remote broadcasts aimed at a younger audience. Our content will be urban with a political edge covering New York and the SoHo scene.”
Among the property INTV acquired with its Pseudo purchase is Pseudo’s Daisy technology — an interactive television operating system — plus hundreds of computer servers and 10 video editing bays. INTV also got Pseudo’s Broadway office space as part of the deal.
Founded in 1994 by Jupiter Communications creator Josh Harris, Pseudo Productions featured television-style streaming media content over the Internet. The site’s notoriety peaked in 2000 when it cranked up its political coverage at the Republican National Convention with live coverage of the proceedings, live chats and user-controlled cameras stationed throughout the convention center.
But the site’s presence was distinctly diminished at the Democratic convention two weeks later.
On Sept. 18, Pseudo laid off all 175 employees and filed bankruptcy a short time later, claiming debts of more than $4 million.
According to The New York Times, Pseudo had been burning through $2 million a month to keep its operations running in 2000.
INTV is reportedly approaching former Pseudo employees to lure them back to the new company, though Ross said the Pseudo would maintain a 40-person staff.