NetRadio plays the sounds of silence

Summary:NetRadio has closed its doors and dismissed most of its 50 staff members after failing to secure investments for its 6-year-old online broadcasting operation. The Minneapolis-based company, which broadcast about 100 audio programs via the Internet, said it halted business after a deal with The Advisory Board, a New York-based media company, fell through and efforts to secure alternate sources of funding hit a wall.

NetRadio has closed its doors and dismissed most of its 50 staff members after failing to secure investments for its 6-year-old online broadcasting operation. The Minneapolis-based company, which broadcast about 100 audio programs via the Internet, said it halted business after a deal with The Advisory Board, a New York-based media company, fell through and efforts to secure alternate sources of funding hit a wall. The company said that its board of directors and some management continue to investigate strategic investments.

On Wednesday, the Nasdaq Stock Market ceased trading on the SmallCap Market of the company's shares, which last traded at 30 cents. --Stefanie Olsen, Special to ZDNet News

Topics: Tech Industry

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