Back in April, BitTorrent announced that Jeremy Johnson and Robert Delamar were its new co-CEOs. The company has been making a big and deliberate push into the media industry since, launching BitTorrent Now and its own news station, among other things. That all may have just come to a huge halt, at least if new sources are to be believed. According to those sources, both co-CEOs have been fired and booted from the company’s board of directors, a bunch of employees have been laid off, and BitTorrent Now has been shutdown.
The information comes from Variety, which also reports that the company’s CFO Dipak Joshi is now serving as interim CEO. The employee layoffs reportedly began a couple weeks ago, and have been followed by other massive changes to the company. BitTorrent Now launched only a handful of months ago.
There’s no official statement from the company at this time, but one source cited the new media focus and streaming efforts as costing millions, and the spending being “out of control.” Company founder Bram Cohen reportedly sent out an email to workers some time this past week laying out the changes, but whatever else is taking place isn’t clear.
A trip over to the BitTorrent Now website shows it still live with no notice about an impending shutdown. It also doesn’t appear any of the reportedly now-former co-CEOs have made any public statements. Assuming the report is true, this will represent yet another expensive failure for BitTorrent, one that follows the now defunct BitTorrent Entertainment Network.