That's about as close to official confirmation as I guess we're going to get. With the hiring of Erick Hachneburg as its new CEO and the bolstering of its other executive ranks, online video sharing web site Metacafe is admitting that sale negotiations have failed and it will try to grow on its own.
This is quite a reversal from December when newspapers reported that Benchmark Capital and Accel Partners-backed MetaCafe was about to be purchased for more than $200 million.
But, it's not as if Metacafe is in trouble. It still lies near the top of the online video sharing heap based on its growth, market traction and unique technology. It was smart to seek a quick flip from an overly excited acquirer. But, now that its ploy failed, time to get to work and fight Google and the 150 other online video rivals out there.
Tags: metacafe, youtube, accel+partners, vc, venture+capital
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I think it's a great thing for the company. They are not ready for aquisition right now and have a good opportunity to drive the potential up.