Joost UK enters liquidation

The UK arm of online TV service Joost has gone into liquidation after it failed to find a buyer, according to a report in the Financial Times.

Joost was launched by the founders of Skype, Janus Friis and Niklas Zennström, in 2007 and despite delivering professionally made videos it failed to secure deals with major studios or broadcasters. Earlier this year, the company underwent a restructuring process that saw Mike Volpi step down from his role as CEO. According to the FT, the directors of Joost, which also has operations in the Netherlands and New York, called for the UK unit to be wound up earlier this month.