Gigaom, one of the Internet’s longest running technology blogs, has been forced to close after failing to pay its creditors.
The website, which was founded in 2006, covered a wide variety of tech stories ranging from cloud, mobile and the Internet of Things, and reportedly had more than six million readers every month.
A post earlier this week explained that the closure would come into effect immediately and that the future of the site was uncertain.
“Gigaom recently became unable to pay its creditors in full at this time,” the website read. “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.”
Although, the exact reasons for Gigaom’s financial troubles have not been disclosed, the online media space is far more competitive today than it was when the site began back in 2006. In particular, the number of outlets providing technology news and opinion has grown hugely.
The website’s founder Om Malik shared his own disappointment at the closure and explained that it is not the end he wanted for the company he started nearly a decade ago.
“I might have left Gigaom, the company, over a year ago, but Gigaom, the idea still lives in my heart,” he wrote on his personal blog. “Goodnight sweetheart, I still love you!”
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