GoFish Officially Cancels Acquisition of Bolt.com

GoFish Corporation / Bolt Media Logo (modified)I’ve just received an email confirmation from Levine Communications Office, a PR firm in Los Angeles that GoFish Corporation (OTCBB:GOFH) is officially cancelling their plans to acquire Bolt Media.  GoFish had only agreed to acquire Bolt under the conditions that there would be a finalized definitive settlement with their lawsuit filed against them by UMG Recordings Inc. and other potential claims.  Definitive agreements have not been made according to the press release I had received.

“After concerted efforts to reach a viable economic settlement with the music industry, we concluded that Bolt’s potential liabilities would be too difficult for GoFish to absorb at this time.  While we have determined that this merger no longer makes strategic sense for GoFish, we will continue to weigh business opportunities based on their ability to deliver meaningful returns for our shareholders,” stated Tabreez Verjee, the President of GoFish. 

The deal would have been worth $30 million.  Bolt.com was given until July 30th to fulfill the obligation otherwise GoFish would have the power to terminate the deal.  According to PaidContent, the UMG settlement was estimated to be worth $10 million.

“GoFish remains firmly focused on delivering the most compelling, original video content on the Internet,” stated Michael Downing, the CEO of GoFish.  “As part of our strategy to expand the GoFish Network, we continue to explore revenue generating opportunities through partnerships, mergers and acquisitions.”

As more details emerge, I’ll keep updating this post.

[1] PaidContent: Video Non-Consolidation: GoFish’s Acquisiton Of Bolt Dead In Water

This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at

GoFish Officially Cancels Acquisition of Bolt.com Comments

  1. former bolt 2 member says:

    Bolt lost it when they closed classic bolt to build traffic on boltfolio. I miss classic Bolt. It was a real community until Aaron Cohen became waaaay to greedy.

  2. Amit Chowdhry says:

    Hmm, Boltfolio doesn’t seem to be online anymore. But I know it exists now:


  3. Badsra says:

    Informative post, Amit. I did a review on Bolt.com some time ago, you may find it interesting. Not sure if your blog allows links in comments, but it’s here .

  4. Sebastian-raven says:

    Yo… Bolt and Bolt2 are totally gone. So, where are all of you at now?

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