Fandom/Another Universe Files for Bankruptcy

Fandom.com ha filed for Chapter 11 bankruptcy protection. What this will mean for sites sponsored or owned by Fandom.com is unknown. Posters on the Fandom.com message board indicate that Libra Group, a venture capital organization, pulled out of a pending $7 million investment, a move that essentially doomed Fandom.com. Fandom had cut 20% of its staff last January when they brought in a new CEO. The East Coast office and warehouse and all that was left of Another Universe.com were closed last week.

Trek Today.com is reporting: “One company rumored to be interested in acquiring Fandom.com is online entertainment network UGO.com, which focuses on the same young male demographic that Fandom.com targets. The talks indeed seem to have led to a higher chance of survival for Fandom.com, though in a diminished form, sources suggest. All staff members have reportedly been laid off, with the exception of six employees who will work on the company’s transition and who will be meeting with UGO.com to talk about the future of all the Fandomains. As for the company’s other assets, Fandom.com is apparently selling back convention organizer Creation Entertainment to the former owners, while Cinescape Magazine will also be going up for sale immediately.”