New York, N.Y. - GoFish, a San Francisco-based video sharing site, on Thursday called off its planned $30 million acquisition of New York-based Bolt Media, after Bolt was unable to finalize a settlement in a copyright infringement lawsuit.

GoFish first announced plans to acquire the company in February, with the stipulation that Bolt settle a suit filed against it by UMG Recordings, as well as other potential claims from record labels and music publishers.

The company, however, was ultimately unable to do that.

"As the overhanging lawsuits against Bolt represent too much of a liability for GoFish at this stage of the company's growth, GoFish's board of directors and its management have decided not to proceed with the merge," GoFish said in a statement, adding that it continues to explore other potential partnerships, mergers and acquisitions.

GoFish and Bolt had planned to develop made-for-Internet programming geared toward 18-34 year-olds.

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