Niklas Zennström and Janus Friis founded Joost after the success they had with Skype and Kazaa. Joost is not exactly a success story despite all of the funding the company has raised. From Sequoia Capital itself, Joost raised $45 million. Now the company is in talks for an acquisition.
Time Warner is in talks with the company according to a source with the Associated Press. Time Warner wants to buy Joost at a low price which is bad for Sequoia. Supposedly Comcast has already turned down buying Joost beause they already own a competing service called Fancast. Viacom and CBS both have also invested a considerable amount in Joost which makes a potential acquisition from a competing network even more interesting.
Joost initially started as a P2P high-quality video streaming software, but YouTube came out of nowhere back then and people lost interest in the service. Joost has switched to a web version since then. More as the story develops.