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EUniverse

Former EUniverse CEO Resigns from Board, Files Suit Against Company

Authored by Mark Hefflinger on December 12, 2003 - 5:13am.
Los Angeles -- Brad Greenspan, the recently departed CEO of EUniverse, a provider of entertainment-related websites and newsletters, announced on Friday his resignation from the company's board of directors, as well as the filing of a lawsuit against the company, its board and a venture capital firm that invested in the company. In the lawsuit, Greenspan alleges that "certain directors of the Board have embarked upon a scheme to entrench themselves in office… breach[ing] their fiduciary duties to the company." Greenspan also alleges that the terms of San Bruno, Calif.-based VantagePoint Venture Partners' recent $8 million investment in EUniverse "may have a material adverse impact on the company's ability to relist its common stock on The Nasdaq SmallCap Market." http://biz.yahoo.com/pz/031212/49649.html 
tags: CEO | Resigns | Board | Files | EUniverse |

Kazaa's Sharman Networks to Get $2.3 Million from EUniverse

Authored by Mark Hefflinger on November 14, 2003 - 7:37am.
Los Angeles -- EUniverse, a provider of entertainment-related websites and newsletters, announced on Friday a new strategic relationship with Sharman Networks, distributor of the popular Kazaa file-sharing software, which includes a provision to provide over $2.3 million in cash advances to Sharman. The non-refundable advances will be recoupable against a sharing of revenues between the two companies; Sharman will also receive 500,000 shares of EUniverse stock. As part of the agreement, EUniverse will begin distributing its own "revenue generating application" along with downloads of the Kazaa Media Desktop. Additionally, Los Angeles-based EUniverse will develop and maintain multiple advertising-supported entertainment and e-commerce sites to be included as channels that can be browsed through by Kazaa users.
tags: Sharman Networks | Kazaa | EUniverse |

EUniverse Raises $8 Million, Announces Departure of CEO

Authored by Mark Hefflinger on November 4, 2003 - 8:22am.
Los Angeles -- EUniverse, a network of entertainment-related websites and newsletters, announced that its chairman and CEO Brad Greenspan has resigned. No reason was provided, though EUniverse said company president Brett Brewer will act as CEO until a replacement can be found. Separately, the company announced that it has received $8 million in new financing from VantagePoint Venture Partners. Los Angeles-based EUniverse saw its stock delisted from the Nasdaq in light of accounting irregularities announced in September that compelled the company to restate some of its financial results.
tags: VC | CEO | EUniverse | Departure |

EUniverse Consolidates Online Games Properties, Seeks Buyer

Authored by Mark Hefflinger on September 25, 2003 - 10:35am.
Los Angeles -- EUniverse, a provider of entertainment-related websites and newsletters, said on Thursday it is forming a new company to consolidate its gaming interests, and has hired an investment bank to explore possible merger and acquisition opportunities for the unit. GameUniverse will include the company's SkillJam.com and CasesLadder.com fee-based game sites, as well as others that in total count 8 million registered users. "Recently we have been contacted by both private equity investment firms and existing partners that have initiated discussions of transactions ranging from direct investment to the outright acquisition of GameUniverse," said EUniverse chairman and CEO Brad Greenspan. Los Angeles-based EUniverse is currently embroiled in an investigation into its accounting practices; it has plans to re-file financial statements and is in danger of being delisted from the Nasdaq.
tags: Online Games | Raise | EUniverse | Properties |