Management of MediaBay Inc., an online seller of audiobooks and other spoken word recordings, has decided to sell its assets and cease operation by September. Management reports it was unsuccessful in its efforts to sell the company. The company says that after an auction, it will distribute its remaining cash to creditors.
MediaBay delisted its stock last year. Its last financial report was in August, when it reported second quarter 2006 sales of $1.1 million, less than half of the $2.3 million recorded in the year-earlier quarter. It suffered a net loss of $13.1 .million.
MediaBay operated the brands Soundsgood.com, RadioClassics, Audio Book Club and When Radio Was.
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