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Joost shuts down in the UK

The troubled web video firm is liquidating its London offices, according to reports.

Joost logo

Web TV firm Joost has liquidated its UK arm, according to media reports.

Founded by Niklas Zennstrom and Janus Friis, the creators of Skype and KaZaa, Joost won a lot of investor support early on, but has hit by troubles lately.

In June, the firm switched from a commercial online TV provider to a white label video platform. Last month, chief executive Mike Volpi was forced out by shareholders, as a legal battle between Skype and eBay hit Zennstrom and Friis.

Now, according to a report in the Financial Times, Joost's directors wrapped up UK business earlier this month.

The newspaper reported that the liquidators said Joost still had a "skeleton staff" in London. It still has offices in the US and the Netherlands, where it is based.

Joost could not be reached for comment at the time of publication.

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