RIP: Joost assets acquired, may shut down

Adconion Media reportedly bought most of online video site Joost’s assets, indicating the service may finally shut down after a controversial failed attempt to remain relevant against competitors.

There was quite a buzz surrounding Joost when its downloadable client was released, but interest died down as the low-key project struggled to compete with Hulu.  Adconion purchased Joost.com, the Joost tradeback and undisclosed technology used in the online Joost service — the business never had a chance to compete with Hulu, a site backed by News Corp. and NBC Universal.

It’s possible Joost will not shut down completely, but it remains unknown how it will operate later.  The company’s United Kingdom offices closed in an unexpected hurry, with local media unsure of what happened.

“Video is a top priority for our company, and through the acquisition of the Joost assets we will be able to provide advertisers, content owners and Web site publishers with an end-to-end global video platform and cross-channel video and display ad-serving solution,” Adconion CEO Tyler Moebius noted in a statement.

It was no secret Joost was interested in selling parts of the business to independent companies, as there was a brief time Comcast and Time Warner Cable reportedly were interested in possibly completing a deal.

I’m not surprised this deal was announced, as it was only a matter of time before Joost would have to spin off pieces of its business.  It’s unlikely anything significant will happen in the immediate future if the deal is finalized, as Joost must completely rebrand itself.