Missed It: Platinum Divests Itself From Wowio... Basically, Sort Of, Kind Of

For the entire week, I've had Johanna Draper Carlson's catch of an interview mention that a switch in ownership has been brought to digital distribution service Wowio in my bookmarks and just haven't discussed it. Brian Altounian, the president and CEO of the much-maligned comics property holding company and occasional publisher, formed a holding company that purchased Wowio back in July 1. Wowio is a noteworthy company in that for whatever reason -- and this is debated out the wazoo, as well -- it was at one time a very profitable service for its users and simply stopped being so at some point. This resulted in a company that owed folks money and was without current cash flow to pay those debts, stretching back to 2Q 2008. One would think that the basic responsibility of someone purchasing a company for its benefits would be to pay its debts, but apparently that has yet to happen, either with Platinum or, from what anyone's heard, the new holding company. The suspicion is that the re-purchase might have something to do with further non-payment, although of course you're getting into speculation at that point, understandable given the general discouragement those creators must feel.
 
posted 8:00 am PST | Permalink
 

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