Beyond Oblivion Files For Bankruptcy Protection
January 26, 2012 at 7:10 AM (PT)
NEWS CORP.'s digital music startup, BEYOND OBLIVION, has filed for bankruptcy protection before ever officially opening for business. REUTERS reports "BEYOND OBLIVION owed creditors between $100 million and $500 million, with estimated assets of less than $10 million, according to a Chapter 11 filing at the U.S. Bankruptcy Court, Southern District of NEW YORK."
SONY MUSIC ENTERTAINMENT and WARNER MUSIC GROUP are reportedly each owed $50 million.