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Less than 18 months after it was acquired by Yahoo Inc., online video hosting and distribution company Maven Networks Inc. is being shut down, according to online reports.
The Cambridge-based company’s products will no longer be supported by Yahoo after 2010, according to website TechCrunch, which cites an unnamed Maven customer.
Yahoo acquired Maven in February of 2008 for $160 million. TechCrunch initially reported that Maven employees were being laid off but later posted a response from Yahoo saying there were no wholesale layoffs.
Maven was founded in 2001 by Hilmi Ozguc. The company had raised more than $30 million in private funding since its inception. Investors and board members include Woody Benson of Prism VentureWorks in Needham, Jim Breyer of Accel Partners in California, and John Simon of General Catalyst Partners in Cambridge.
Maven had worked with customers such as TV Guide, Fox News and the Financial Times.
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