San Francisco - Video-sharing site Revver, which has raised a total of $12.7 million in financing to date, is now reportedly seek a sale of the company with an asking price of just $300,000 to $500,000, plus assumption of about $1 million in debt, CNET News.com reported, citing two sources with knowledge of the negotiations. Former employees told CNET the company's staff has been more than halved over the last 18 months.

A rumored deal that would have seen the company acquired by MySpace founder Brad Greenspan's LiveUniverse has not come through.

Neither Revver nor LiveUniverse would comment on that matter for CNET.

Los Angeles-based Revver was among the first video-sharing sites to tout that it shares advertising revenue with producers, but has failed to attract a mass viewing audience.

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