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Machinima CEO DeBevoise to step down

Machinima LogoThe CEO and co-founder of online video network Machinima is due to step down, according to reports. 

All Things D reported that Allen DeBevoise, who helped launch the YouTube-based network back in 2005, will stay on as chairman but is looking to hire someone to take over the day-to-day running of the business.

The report claims that the move is DeBevoise’s decision and is designed to take the business, which specialises in video-game related video content, “to the next level.”

Last week, tech blog TubeFilter also reported that Machinima president and co-founder Philip DeBevoise and executive vice president of network programming, Aaron DeBevoise are due to leave the company by the end of the year to start new ventures.

Machinima is currently reported to be seeking to raise a new US$25 million (€18.5 million) to US$30 million in funding. Last year, Google led a US$35 million round in the firm with existing investors Redpoint Ventures and MK Capital participating.