murdoch-backed music startup bankrupt before launchMegatrax Blog

murdoch-backed music startup bankrupt before launch

By Yinka Adegoke for Reuters

Beyond Oblivion, a digital music startup backed by Rupert Murdoch’s News Corp and investment bank Allen & Co Director Stanley Shuman has filed for bankruptcy protection after spending millions of dollars building a service that never saw the light of day.

Journalists were given a preview of the New York start-up service that aimed to give away a limitless library of digital music with devices that had the Beyond Oblivion software pre-installed.

Such a plan would have had music licensing costs running at tens of millions dollars even before it achieved any scale.

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.

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