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News Corp-backed Beyond Oblivion files for bankrupty
News Corp-backed music startup Beyond Oblivion has filed for bankruptcy, according to a new filing, having failed to even launch its service. The firm, which had been planning to offer a limitless music library to users, now owes creditors between USD100m and USD500m. Beyond Oblivion shut down at the beginning of January, having failed to sign the deals it needed with music labels and device manufacturing partners. The news came as a blow a host of high-profile investors, including the Wellcome Foundation and investment bank Allen & Co, which ploughed USD87m into the company.
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